ACC 304 All Assignments ACC 304 All Assignments | Page 179

IFRS Multiple Choice Question 10
All of the following are true regarding the revaluation model allowed
under IFRS except
when an asset is revalued, any increase in carrying amount is reported
as miscellaneous revenue.
Multiple Choice Question 119
Peterson Company purchased machinery for $800,000 on January 1,
2011. Straight-line depreciation has been recorded based on a $50,000
salvage value and a 5-year useful life. The machinery was sold on May
1, 2015 at a gain of $15,000. How much cash did Peterson receive from
the sale of the machinery?
Multiple Choice Question 82
On January 2, 2014, Indian River Groves began construction of a new
citrus processing plant. The automated plant was finished and ready for
use on September 30, 2015. Expenditures for the
Indian River Groves borrowed $2,200,000 on a construction loan at 12%
interest on January 2, 2014. This loan was outstanding during the
construction period. The company also had $8,000,000 in 9% bonds
outstanding in 2014 and 2015.
What were the weighted-average accumulated expenditures for 2014?
$800,000
Multiple Choice Question 50