At the beginning of Year 1, Sports Gear Inc. (SGI) acquired a college apparel license at a cost of $28,000,000, excluding legal fees of $1,600,000 and registration fees of $400,000. The company estimated that the license would have a useful (legal) life of 15 years. For Question 3, assume that the fair value of the license at the end of Year 1, Year 2, and Year 3 is $26,600,000, $26,300,000, and $23,850,000, respectively. 1. What amount will the company report as the carrying value of the license asset at the end of Year 2 under US GAAP?
2. If the company determines that the license asset is impaired by $3,00,000 at the beginning of Year 3, what is the total amount of expense related to the license reported on the income statement for Year 3 under US GAAP?
3. Determine the amount of revaluation gain or loss that is reported on the income statement for Year 2 under IFRS if the revaluation model is used.

Sweeten company had no jobs in progress at the beginning of march and no beginning inventories. the company has two manufacturing departments--molding and fabrication. it started, completed, and sold only two jobs during march—job p and job q. the following additional information is available for the company as a whole and for jobs p and q (all data and questions relate to the month of march): molding fabrication total estimated total machine-hours used 2,500 1,500 4,000 estimated total fixed manufacturing overhead $ 10,000 $ 15,000 $ 25,000 estimated variable manufacturing overhead per machine-hour $ 1.40 $ 2.20 job p job q direct materials $ 13,000 $ 8,000 direct labor cost $ 21,000 $ 7,500 actual machine-hours used: molding 1,700 800 fabrication 600 900 total 2,300 1,700 sweeten company had no underapplied or overapplied manufacturing overhead costs during the month. required: for questions 1-8, assume that sweeten company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. for questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. 1. what was the company’s plantwide predetermined overhead rate? (round your answer to 2 decimal places.) next

When a market is in equilibrium, the buyers are those with the willingness to pay and the sellers are those with the costs.

Beachballs, inc., expects abnormally high earnings for the next three years due to the forecast of unusually hot summers. after the 3-year period, their growth will level off to its normal rate of 6%. dividends and earnings are expected to grow at 20% for years 1 and 2 and 15% in year 3. the last dividend paid was $1.00. if an investor requires a 10% return on beachballs, the price she is willing to pay for the stock is closest to: