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Q: Tracy Ltd. purchased a piece of equipment on January 1,

Tracy Ltd. purchased a piece of equipment on January 1, 2013 for $1.2 million. At that time, it was estimated that the machine would have a 15-year life and no residual value. On December 31, 2017, Tr...

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Q: Carly Inc. reported the following accounting income (loss) and

Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2012 to 2018: Accounting income (loss) and taxable income (loss) were the same for all years since C...

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Q: The following information relates to Shirley Corporation’s transactions during 2017, its

The following information relates to Shirley Corporation’s transactions during 2017, its first year of operations. 1. Income before income tax on the income statement for 2017 was $64,000. 2. Income b...

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Q: The following information was disclosed during the audit of Shawna Inc.:

The following information was disclosed during the audit of Shawna Inc.: 1. On January 1, 2017, equipment was purchased for $400,000. For financial reporting purposes, the company uses straight-line...

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Q: Anthony Ltd. began business on January 1, 2016. At

Anthony Ltd. began business on January 1, 2016. At December 31, 2016, it had a $4,500 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired during 2016...

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Q: An excerpt from the statement of financial position of Twilight Limited follows

An excerpt from the statement of financial position of Twilight Limited follows: 1. Options were granted/written in 2016 that give the holder the right to purchase 100,000 common shares at $8 per sh...

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Q: Joy Cunningham Co. purchased a machine on January 1, 2014

Joy Cunningham Co. purchased a machine on January 1, 2014 for $550,000. At that time, it was estimated that the machine would have a 10-year life and no residual value. On December 31, 2017, the firm’...

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Q: Gao Limited, a publicly traded company, uses IFRS and had

Gao Limited, a publicly traded company, uses IFRS and had the following events and transactions occur in its fiscal year ending October 31, 2017. Although no dates are given, the events described are...

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Q: Isabelle Leclerc is the controller at Camden Pharmaceutical Industries, a public

Isabelle Leclerc is the controller at Camden Pharmaceutical Industries, a public company. She is currently preparing the calculation for basic and diluted earnings per share and the related disclosure...

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Q: Shari Patel of the controller’s office of Diamond Corporation was given the

Shari Patel of the controller’s office of Diamond Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ended December 31, 2017. Patel has ga...

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