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meriva
3 years ago
15

Connor Buck Company purchased an oil tanker on January 1, 2014, at a cost of $3,000,000 cash. Connor expects to operate the depo

t for 20 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $500,000 to dismantle the depot and remove the tanks at the end of the depot’s useful life. Market Rate interest = 10(a) Prepare the journal entries to record the depot (considered a plant asset) and the asset retirement obligation for the depot on January 1, 2014. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2014, is $35,458.
Business
1 answer:
kakasveta [241]3 years ago
7 0

Answer:

I am from India.......

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Major limitations of the balance sheet include all of the following except: it necessarily omits many items that are of financia
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Answer:

Option D Only amounts known with absolute certainty are reported

Explanation:

This is incorrect statement because International Accounting Standard IAS 37 Provisions, Contingent Liabilities and Contingent Assets sheds light on the recording of future events that will arise as a result of past events. The standard is useful in estimating future events so saying that the absolutely certain amounts are reported is incorrect.

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You want to write a press release about a free new app you're offering. The app allows people to keep track of what they've eate
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The principle of reciprocity is being used when emphasizing the free nature of the useful tool in the press release, as this principle generates a reciprocal response to individuals.

<h3 /><h3>What is the principle of reciprocity?</h3>

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6 0
2 years ago
An enterprise resource planning (ERP) system is: a. a collection of integrated software for every functional area within an orga
Helen [10]

Answer:

An enterprise resource planning (ERP) system is:

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Explanation:

7 0
3 years ago
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What are the four components of the global business environment?
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5 0
2 years ago
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Discount Travel has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; and oth
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Answer:

The current ratio is 2.98

Explanation:

total current assets = cash + receivables + inventory + other current assets

                                = $102 million + 94 million + 182 million + 18 million

                                = $396 million

total current liabilities = accounts payable + current portion of long term debt

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current ratio = current assets/current liabilities

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                     = 2.98

Therefore, The current ratio is 2.98

6 0
3 years ago
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