Question: List some differences between U S GAAP and IFRS for long term
List some differences between U.S. GAAP and IFRS for long-term operational assets.
Answer to relevant QuestionsGive some examples of long-term operational assets that each of the following companies is likely to own: (a) Freds, (b) Princess Cruise Lines, (c) Southwest Airlines(d) Harley-Davidson Co.Sneathen Company purchased a restaurant building, land, and equipment for $600,000 cash. The appraised value of the assets was as follows:Land ........... $200,000Building ........... 480,000Equipment ......... ...Graphics Service Co. purchased a new color copier at the beginning of 2013 for $47,000. The copier is expected to have a five-year useful life and a $7,000 salvage value. The expected copy production was estimated at ...Bill Yeates acquired the business Sun Supply Co. for $275,000 cash and assumed all liabilities at the date of acquisition. Sun’s books showed tangible assets of $250,000, liabilities of $10,000, and equity of $240,000. An ...Three different companies each purchased a machine on January 1, 2013, for $64,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $4,000. All three machines were operated ...
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