ACC 304 All Assignments ACC 304 All Assignments | Page 102

7) Determine the amount of interest to be capitalized in 2014 in
relation to the construction of the building.
8) Prepare the journal entry to record the capitalization of interest
and the recognition of interest expense, if any, at December 31, 2014.
9) Busytown Corporation, which manufactures shoes, hired a recent
college graduate to work in accounting department. On the first day of
work, the accountant was assigned to total a batch of invoices with the
use of an adding machine. Before long, the accountant, who had never
before seen such a machine, managed to break the machine. Busy town
Corporation gave the machine plus $340 to Disk Business machine
Company (dealer) in exchange for a new machine. Assume the
following information about the machines. For each company, prepare
the necessary journal entry to record the exchange.
10) Under IFRS, Sampson company, who has a non-current asset which
has been classified as held-for-sale, should
11) Miller Company, a company who uses IFRS reporting standards,
sells a non-current asset classified as held-for-sale. Which of the
following statements is true regarding the treatment of a gain on a
subsequent increase in the fair value less cost?
12) Damson Company, a company who uses IFRS reporting standards,
has a non-current asset that has been classified as held-for-sale. When
the asset no longer meets this definition, Danson should
13) Elton Industries, a company who uses IFRS reporting standards, has
asset and liabilities of a disposal group classified as held-for-sale shown
on its statement of financial position. Which of the following presents
the best treatment for these?