What are two factors that could result in a company purchasing another company for an amount greater than the fair market value of the net assets which would result in goodwill? 

Intangible assets with indefinite lives should be:

If the fair market value of the equipment subsequently increases, would ABC Limited be allowed to increase the carrying value of the equipment?  Why or why not? 

The depreciation expense recorded on the shopping center at December 31, 2024 would be:

Asset 1 Halloween Company obtained a new photocopier worth $215,000 in exchange for 9,000 common shares.  At that time, the common shares of Halloween Company were trading on the stock market for $25 each. The journal entry recording the purchase of Asset 1 (the new photocopier) will involve a:

Spooky Ltd. uses the cost model with straight line depreciation to account for its capital assets.  Prepare the journal entry that is required to correct the prior years’ depreciation (if any). If no entry is required, explain why.

A corporation made a number of expenditures related to long-term assets.  You have been asked for your assistance in determining the account that should be “charged” (or debited) when recording the purchase transaction.    Required: Based on what you have learned, which account should be used?  Identify which account should be “debited” for each transaction.

Use the following ordered list of values to compute the descriptive statistics requested. 122, 122, 123, 128, 129, 131, 132, 134, 135 These must be computed by hand and your work must be turned in to get credit. Just writing down an answer without showing appropriate hand calculated work (which demonstrates that you know the corresponding formulas and methods) will result in points being removed or no credit given.  For the sample standard deviation, consider these values to be values taken from a sample, which means

To increase decision usefulness, a Balance Sheet (Statement of Financial Position) is prepared on “classified” basis.  What effect will “netting” a bank overdraft have on the financial statements should the legal right of offset NOT exist?

Common shares of XYZ Co. closed on the TSX yesterday at $15. Over the past month, the average price for these shares was $13. An analyst claims that such a share is really worth $20 and recommends buying it. The company has reported earnings per share of $1.50 in its most recent financial statements. Which of these values is a “Level 1” measure of fair value for this share?