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please send me only final answers A firm purchased a Machine on 1 January 2009 . The Machine has an 8 year life and a
please send me only final answers
A firm purchased a Machine on 1 January 2009 . The Machine has an 8 year life and a residual value of $0. The Cost of the Machine was $400,000. The firm uses straight line depreciation and charges depreciation on a monthly basis. The Government gave a Grant for the Machine on 1 January 2009 of $80,000 Using the Deferred Grant Revenue Approach for Accounting for the Grant the extract from the Balance Sheet for Deferred Grant Revenue on 31 December 2013 shows: Select one: a. Current Liability: $20,000; Non-Current Liability: $10,000 b. Current Liability: \$0; Non-Current Liability: $30,000 c. Current Liability: $10,000; Non-Current Liability: $0 d. None of the these answers e. Current Liability: $10,000; Non-Current Liability: $20,000 The expenditures and receipts below are related to land, land improvements and buildings: (i) Payment of Insurance on Construction During Construction: $100 (ii) Payment of Insurance on Building After Construction complete: $200 (iii) Architect's fee for designing building: $300 (iv) Proceeds from salvage of old building which was on the site when we bought it: $60 (v) Payment of security guard's salary after construction is complete: $400 What amount should be capitalized for Buildings on the balance sheet based on this information: Select one: a. $440 b. None of these answers c. $340 d. $400 e. $740Step by Step Solution
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