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Ashton Limited is currently reviewing its inventory at year-end to determine whether a write down is required for net realizable value. The major components of inventory are as follows
|Cost||Net Realizable Value||Fair Value|
|S-1||$ 38,000||$ 42,000||$ 46,150|
How much of a write-down should W Company record if any to reflect the valuation of inventory in accordance with the Accounting Standards for Private Enterprise?
2.Stanley Inc., a publicly accountable entity, acquired a new building on January 1, 20×10. The following major components have been identified:
Roof $2,000,000 10 year useful life
Walls 6,000,000 20 year useful life
Fixtures 4,000,000 10 year useful life
Furnace 1,000,000 8 year useful life
Other 600,000 10 year useful life
The company has adopted the straight line method of depreciation with all assets having a zero residual value. On December 31, 20×16 the roof is replaced at a cost of $3,000,000. What loss if any would the company report due to the roof replacement?
3.Simon Limited has arranged to exchange an under utilized truck for some land currently not being used by Garfunkel Corp. Simon has agreed to pay $56,000 in addition to providing the truck in the exchange. The land had recently been appraised at a fair value of $120,000 and the fair value of the truck is $80,000. The truck’s original cost was $110,000 and had been depreciated $20,000. Since Simon has determined that the transaction has commercial substance, what entry should Simon be making to account for the exchange?
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4.At the beginning of the year, Lynn Corp. (a publicly accountable entity) purchased equipment for a price of $3,400,000 to be repaid in 6 years. As an incentive, the vendor offered low interest financing at a rate of 1.5% per year when prevailing market interest rates were 4%. Matthews uses the diminishing balance method of depreciation with a rate of 30% for this type of equipment with an estimated residual value of $400,000. Based on this information what would be the total charge to the Matthews Corp. Statement of Income in the fourth year from the date the equipment was acquired.
5.Pillow Corp. a publicly accountable entity is planning on building an extension to their existing factory. As a qualifying asset, activity on the project commenced in January 2011 and was completed in December of the same year Expenditures were incurred as follows (assume expenditures occurred at the beginning of the month)
January $ 800,000
To finance the project, the company borrowed $2,200,000 at a rate of 5.5% at the beginning of the year. Any other financing was to come from existing debt lines that included:
7.00% bank line of credit of $6,000,000
5.50% bank line of credit of $8,000,000
To account for this project the company
a) will capitalize interest on the asset specific borrowing.
b) will make an accounting policy choice to either capitalize the interest or expense the
interest on the asset specific borrowing.
c) will capitalize $141,477.
d) will capitalize $170,922
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