Get correct answer general accounting Klingon Cruisers, Inc., purchased new cloaking machinery four years ago for $15 million. The machinerycan be sold to the Romulans today for $14.2 million. Klingon's current balance sheet shows net fixedassets of $12 million, current liabilities of $880,000, and net working capital of $225,000. If all thecurrent assets were liquidated today, the company would receive $1.07 million cash.a. What is the book value of Klingon s total assets today?b. What is the market value of Klingon's total assets today?

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Answered: Klingon Cruisers, Inc., purchased new…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On December 1, 2024, Microsoft Corporation purchased a new cloud computing server farm for $15 million. The company paid $3 million in cash and financed the remaining $12 million with a 5-year loan at an annual interest rate of 4%, with interest payable annually on December 1. The server farm is expected to have a useful life of 7 years with no salvage value. Microsoft uses the straight-line method for depreciation. Additionally, the company incurred $500,000 in installation and testing costs, which were paid in cash. Record the journal entries for: The purchase and financing of the server farm The payment of installation and testing costs The adjusting entry for depreciation on December 31, 2024 The adjusting entry for accrued interest on December 31, 2024
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