Cross-Canada Transport Inc. (CC) provides warehouse an
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Cross-Canada Transport Inc. (CC) provides warehouse and distribution services. The excerpts that follow are adapted fr
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Cross-Canada Transport Inc. (CC) provides warehouse and distribution services. The excerpts that follow are adapted from CC's financial statements for fiscal year 2017. Requirements 1. How much was CC's cost of property and equipment at October 31, 2017? How much was the carrying amount of premises and equipment? Show computations. 2. The financial statements give three pieces of evidence that CC purchased premises and equipment during 2017. What are they? 3. Prepare T-accounts for Premises and Equipment and Accumulated Depreciation. Then show all the activity in these accounts during 2017. Did CC dispose of any assets and, if so, what was the carrying amount? 4. Why has goodwill not been amortized?
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