Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 21
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(3) To eliminate intercompany gain on sale of equipment debited to Investment account and restore equipment to its original book value. Working Paper Elimination Entries –
(2) To allocate difference... (2) To
Error in recording cash transfer, April 8 ( 45,000) Cash transfer recorded in subsequent year, Dec. Investment in Branch account (Home
No revenue is to be reported. Because the franchisor fails to render substantial services to the franchisee as of December 31, 2008.. The down payment of P600,000 is recognized
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Since the Company has a reorganization value of P800,000 but only P653,000 can be assigned to specific assets based on market value, the remaining P147,000 is reported as
24,400 To record payment of priority liabilities. Accounts
200 To correct capital accounts for error in loss allocation computed as follows:. Alvin Benny