It can be argued that marijuana regulation should up to the…
It can be argued that marijuana regulation should up to the federal government or the state governments because each can make a claim under the Constitution. The 10th Amendment gives states powers not specifically delegated to the federal government and the federal government has the power to regulate interstate commerce and enforce federal drug laws. These conflicting ideas represent what Constitutional principle?
Read DetailsPolar Coast Fisheries Ltd. has equipment costing $600,000 wi…
Polar Coast Fisheries Ltd. has equipment costing $600,000 with accumulated depreciation of $210,000 using straight-line. Management now believes a 15% declining-balance method better reflects the equipment’s usage pattern. The change is applied prospectively. What is depreciation expense for the first year after the change?
Read DetailsNorthern Trail Outfitters traded in a delivery van with a ca…
Northern Trail Outfitters traded in a delivery van with a carrying amount of $24,000 toward a newer used van. The dealer provided a $21,000 trade-in allowance, and Northern Trail paid $6,000 in cash. The fair value of the replacement van was reliably measured at $27,000. The transaction has commercial substance. What is the appropriate accounting treatment?
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