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Ad libitum [116K]
2 years ago
9

Bramble Corp. received $93000 in cash and a used computer with a fair value of $348000 from Blossom Company for Bramble Corp.'s

existing computer having a fair value of $441000 and an undepreciated cost of $413400 recorded on its books. The transaction has no commercial substance. How much gain should Bramble recognize on this exchange, and at what amount should the acquired computer be recorded, respectively
Business
1 answer:
fredd [130]2 years ago
6 0

Answer:

A. $27,600

B. $348000

Explanation:

A. Calculation for How much gain should Bramble recognize on this exchange

Recognized gain=$441000-$413400

Recognized gain=$27,600

Therefore Bramble recognize on this exchange is $27,600

B. Based on the information given we were told that the company received a used computer that has a fair value of the amount of $348000 from Blossom Company which means that the fair value amount of $348000 is what the acquired computer be recorded.

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3 years ago
Compute the variances in dollar amount and in percentage. (Round to the nearest whole percent.) Indicate whether the variance is
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Answer:

The dollar variance is -$100.

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Since the actual income is less than the budgeted income, the variance is unfavorable (U).

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3 years ago
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Simple Interest for a year can be calculated using

I = PRT/100

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3 0
2 years ago
Whispering Company has bonds payable outstanding in the amount of $400,000, and the Premium on Bonds Payable account has a balan
kirill [66]

Answer:

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Explanation:

We will convert the bonds into shares based on their curent value this will make create an aditional paid-in preferred stock if higher or decrease retained earnings if lower:

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The differenct will be adidtional paid.in capital

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3 years ago
Read 2 more answers
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