How to solve each type of ?

Question 1

Dollar value LIFO - find ending inventory

Answer 1

1. Take the CY inventory price divided increase in price level = restating to base year price
2. Subtract step 1 from the PY inventory = the layer
3. Take LIFO Cost + (new layer * increase in price ratio * cost ratio) = End inventory

Question 2

Exchange with commercial substance - what do you report the carrying amount at?

Answer 2

Fair Value

Question 3

Exchange WITHOUT commercial substance - how do you determine gain?

Answer 3

Cannot recognize whole gain - divide market value by cash received = percentage
Multiple percentage by market value - cost = gain

Question 4

In a nonmonetary transaction - what value is the asset reported at?

Answer 4

Fair value of asset surrended or received - whichever is more clear

Question 5

How are G/L recognized in exchanges with commercial substance?

Answer 5

G and L are recognized immediately

Question 6

How to find carrying amount of investment - equity method

Answer 6

How much it was acquired for + % acquired of net income - % acquired of dividends