INTERMEDIATE ACCT.-MYLAB COMBO ACCESS
3rd Edition
ISBN: 9780137391707
Author: GORDON
Publisher: PEARSON
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Chapter 11, Problem 11.20BE
To determine
To prepare:
Given information:
Cost of testing material and supplies is $600,000.
Cost of research consultant is $100,000.
Cost of planning and designing consultant is $135,000.
Cost of laboratory equipment is $900,000.
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At the beginning of the current year, Peace Company purchased a machine for P 7,000,000 and received a government grant of P 1,000,000 toward the capital cost. The machine is to be depreciated on a straight line basis over 5 years and estimated to have a residual value of P 500,000 at the end of this period 1. The journal entry to record the government grant as a deferred revenue: 2. The journal entry to recognize income from government grant:
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Oaktree Company purchased new equipment and made the following expenditures:
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journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
Chapter 11 Solutions
INTERMEDIATE ACCT.-MYLAB COMBO ACCESS
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