ACC 304 All Assignments ACC 304 All Assignments | Page 173

were $2,000,000. December 31 inventory at year-end prices was
$286,720, and the price index was 112.
What is RF Company’s gross profit?
19. Cotton Hotel Corporation recently purchased Emporia Hotel and the
land on which it is located with the plan to tear down the Emporia
Hotel and build a new luxury hotel on the site. The cost of the Emporia
Hotel should be
20. Ecker Company purchased a new machine on May 1, 2006 for
$352,000. At the time of acquisition, the machine was estimated to
have a useful life of ten years and an estimated salvage value of
$16,000. The company has recorded monthly depreciation using the
straight-line method. On March 1, 2015, the machine was sold for
$48,000. What should be the loss recognized from the sale of the
machine?
21. Under IFRS, Sampson Company, who has a non-current asset which
has been classified as held-for-sale, should
22. The cost of land does not include
23. Which of the following is not a condition that must be satisfied
before interest capitalization can begin on a qualifying asset?
24. Which of the following is not a major characteristic of a plant asset?
25. Ringler Corporation exchanges one plant asset for a similar plant
asset and gives cash in the exchange. The exchange is not expected to