EE Inc. purchased an equipment on March 31, 2019. The selling price of the asset is equal to its fair value at $1,400,000. The entity acquired the equipment by issuing 1,000 $1,000 8% bonds, currently quoted at 103. At how much shall the equipment be initially measured? A. $1,030,000 B. $1,400,000 C. $970,000 D. $1,000,000

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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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A:

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A: Journal entry is a primary entry that records the financial transactions initially.

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A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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A: Carrying amount of Franchisee:

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Q: January 1, 2021 CCC acquired all of the identifiable assets and assumed all liabilities of DDD by…

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A:

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.