Pharoah Company purchased land and a building on January 1, 2022. Managements best estimate of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Pharoah Company purchased land and a building on January 1, 2022. Managements best estimate of the value of the land was $90,000 and of the building $180,000. However, management told the accounting department to record the land at $198,000 and the building at $72,000. The building is being depreciated on a straight-line basis over 15 years with no salvage value.
Calculate the annual change in net income
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
