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  • Elizabeth Pie Company has been in business for 30 years and has developed a large group of loyal restaurant customers. Bonanza Foods made an offer to buy Elizabeth Pie Company for $5,000,000. The book value of Elizabeth Pie’s recorded assets and liabilities on the date of the offer is $4,300,000 with a market value of $4,500,000. Elizab

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  • Elizabeth Pie Company has been in business for 50 years and has developed a large group of loyal restaurant customers. Giant Bakery Inc. has made an offer to buy Elizabeth Pie Company for $5,000,000. The book value of Elizabeth Pie’s recorded assets and liabilities on the date of the offer is $4,300,000 with a fair value of $4,500,000.

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  • Elmbrook Corporation reported net income of $58,000. Depreciation expense for the year was $132,000. The company calculates depreciation expense using the straightline method, with a useful life of 10 years. Top management would like to switch to a 15-year useful life because depreciation expense would be reduced to $88,000. The CEO says,

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  • Elson Corporation, a retail fuel oil distributor, has increased its annual sales volume to a level three times greater than the annual sales of a dealer it purchased in 2003 in order to begin operations. The board of directors recently received an offer to negotiate the sale of Elson Corporation to a large competitor. As a result, the maj

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  • Emerald Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service:1. Installed security systems on four of the newer trucks.2. Rebuilt the transmission on one of the vans that had been driven 40,000 miles. The van was no longer under warranty.3. Installed a hydraulic lift to a van.4. Replaced

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  • Enblast Productions showed the following selected asset balances on December 31, 2014:Land ................................................................................................................... $396,800Building.................................................................................................................

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  • Energex Travel runs boat tours along the west coast of British Columbia. It purchased on March 5, 2014, for cash of $828,000, a cruising boat with a useful life of 10 years or 13,250 hours with a residual value of $192,000. The company’s year-end is December 31.Required Calculate depreciation expense for the fiscal years 2014, 2015, and

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  • 1. How could Jim use a letter of credit to ensure that he will be paid for the products he exports?2. Jim has discussed the possibility of expanding his export business through a second sporting goods distributor in the United Kingdom; this second distributor would cover a different territory than the first distributor. The second distrib

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  • Enterprise Supplies Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Bizarro Auto Sales Co. has automobiles and trucks for sale. Under what caption the automobiles and trucks would be reported on the balance sheet of (a) Enterprise Supplies Co., (b) Bizarro Auto Sales Co.

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  • Enviro Systems keeps perpetual inventories on energy- efficient stoves, using the first- in, first- out method. Determine the cost of goods sold in each sale and the inventory balance after each sale by completing the inventory record card (omitting the sales column) for the following purchases and sales of energy- efficient stoves: Jan.

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