(Purchase Commitments) Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2017, at an agreed price of $400,000. At December 31, 2017, the raw material had declined in price to $365,000.InstructionsWhat entry would you make on December 31, 2017, to recognize these facts?

The Laura Company has the following errors on its books as of December 31, 2020. The books for 2020 have not yet been closed. a. In 2020, fully depreciated equipment (with no residual value) that originally cost $8,000 was sold for $700 as scrap. The company credited the $700 proceeds to Equipment. b. On January 1, 2019, the company recorded the purchase of equipment in exchange for a three-year, noninterest-bearing note payable in the amount of $10,000. Interest rates were then 8%, but no recognition was made of this fact. The present value of $1 at 8% for three periods is 0.7938. (Ignore depreciation.)   Required:   Prepare journal entries to correct these errors at December 31, 2020. Ignore income taxes.

wh.ca/d21/le/content/126096/viewContent/7921257/View mitaltar CETIL Situation 4: On March 31, 2017, Wayside Corporation purchased a new piece of manufacturing equipment for $1,615,000. At that time, the estimated useful life of the equipment was five years, with a residual value of $325,000. On August 1, 2020, due to increased competition causing a decreased selling price for its product, Wayside decided to discontinue the product. By December 31, 2020, there was a formal plan in place to sell the equipment, and the equipment qualified for classification as held for sale. At December 31, 2020, the equipment's fair value less costs to sell was $260,000. Due to matters beyond Wayside's control, a potential sale of the equipment fell through in 2021, although consumer confidence in Wayside's product increased significantly because of reported defects in its competitors' products. The equipment remained classified as held for sale at December 31, 2021, when the equipment's fair value less…

(Mulitple Choice Question) Marshall Inc. owns an automobile costing $40,000. The automobile was purchased on January 1, 2016, and has is estimated to have a useful life of 8 years and a residual value of $3000. On January 1, 2020 it is discovered that the automobile has a market value of $15,000. Marshall Inc. should therefore:   1. Take no action, as no transaction is required in this situation   2. None of the answers are correct   3. Record an Impairment loss of $8125   4. Record an impairment loss of $3500   5. Record an Impairment loss of $6500

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