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Author Question: Cranberry Company purchased two pieces of equipment from a Canadian vendor for 400,000. If the ... (Read 60 times)

strangeaffliction

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on: Jul 5, 2018
Cranberry Company purchased two pieces of equipment from a Canadian vendor for 400,000. If the assets had been purchased separately, the company would have paid 90,000 for the first piece of equipment and 360,000 for the second piece of equipment.
 
  What amount should be recorded for the FIRST piece of equipment?
  A) 80,000
  B) 90,000
  C) 360,000
  D) 320,000

Question 2

The lower of cost or market is a method of inventory valuation.
 a. True
  b. False
 
   Indicate whether the statement is true or false


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kingdude89

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Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

True


strangeaffliction

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

smrtceo

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Reply 3 on: Yesterday
Wow, this really help

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