Explain the difference between a change in accounting policy and a change in accounting estimate. How is each accounted for in the financial statements?
Answer to relevant QuestionsWhat does par value mean? How does the entry to record the issuance of common shares differ depending on whether the shares have a par value? Provide an example.What is the impact on earnings per share if a company buys back some of its shares from investors? What is the economic impact on the company? In fiscal 2013, Minaki Inc. (Minaki) pur chased machinery for $3,500,000. The machinery was supposed to be depreciated over 10 years on a straight-line basis, but for some reason, it wasn't. Minaki's new controller ...For the year ended December 31, 2017, Wabush Inc. (Wabush) reported net income of $11,700,000. On December 31, 2016, Wabush had the following capital stock outstanding:Preferred shares, no par, $2.50 annual dividend, ...On November 12, 2013, Josselin Inc. purchased a new front-end loader for $275,000 cash. Management estimated that the loader would have a useful life of 10 years and a residual value of $25,000. Near the end of fiscal 2017, ...
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