1. Business
  2. Accounting
  3. if anyone can give me the answer...

Question: if anyone can give me the answer...

Question details
If anyone can give me the answer
PROBLEM 15 Points Jared Cono, a recorded cost exchanged machineryW and Accumulated Deprec andKay owns with an appraised value of $1,7350,000 with kay Corporation fo 69,00, y aso gave ochinery hasmachinery Kay owns. That of $1,350 has an appraised value of $16 of $1,78 3,240 m3240.000, and Accumulated Depredation odepreciation has already been $2 with Kay Corporation for a5,000, a recorded cost of me updated. ted ash umul Instructions A) Prepermmercial substance. (Round all the entries on both companies books assuming that the exchange bodations to the nearest dollar.) (B) Prepare the entries on both lacked commercial substance. companies books assuming that the exchange Round computations to the nearest dollar.) Round all computations to the neage PROBLEM II 10 Points xyz Corp. had been using the LIFO inventory method through December 31, 2017. As of January 1, 2018, XYZ changed to the FIFO method. The following information is available regarding inventory: LIFQ FIFO Inventory at 12/31/17 $10,000 $14,000 On May 1, 2018, after the 2017 books had been closed, XYZ discovered that it had erroneously overstated its 2017 revenue by $20,000. Additional information Retained Earnings Balance, 12/31/17 2018 Net Income 2018 Dividends income tax rate $300,000 95,000 13,000 25% Instructions Prepare a statement of retained earnings for 2018 only.
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution