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On January 3, 2013, Matteson Corporation acquired 30 percent of the outstanding common stock of O'Toole Company for $1,209,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $840,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2013, O'Toole reported net income of $308,000 and paid cash dividends of $40,000. At December 31, 2013, what should Matteson report as its investment in O'Toole under the equity method?
In the case of convertible bond that are assumed to be converted and are dilutive, elucidate how they are handled for purposes of diluted EPS computations.
Calculation of average issue price and sale price of common stock and prepare balance sheet of Herman Corporation on December 31, 2008
Suppose KewCo is considering a product line that will provide expected new net cash flows of $100,000 per year for 4 years. What is maximum amount KewCo would be willing to pay for this new product line today?
Conlin Company acquires a delivery truck at a cost of $42,000. The truck is expected to have a salvage value of $6,000 at the end of its 4-year useful life. the straight-line method. Calculate annual depreciation for the first and second years usin..
Compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of corporate distributions: ordinary dividends, stock redemptions, and complete liquidations.
Which method best tracks the wear and tear on the van? Which method would Southern’s prefer to use for income tax purposes? Explain in detail why Southern’s prefers this method.
The yield to maturity on new issues of similar corporate bonds is 5.2%. Someone offers you $1,225 for your bond. Is this a fair price, to you the seller? Illustrate what is the fair price?
Wells Fargo sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Wells Fargo receive from the investors?
After a preliminary assessment has been made of Lakeside's control risk, what possible actions can be taken by the auditors?
If $2,000 is determined to be specifically uncollectible, what effect will the write-off of the specific receivable have on: accounts receivable and allowance for doubtful accounts?
Fifty-four thousand units were transferred out of the department and the ending inventory consisted of 2,500 units that are 20% complete with respect to conversion. Illustrate what is the conversion cost per equivalent unit?
Explain how has the Sarbanes-Oxley Bill influenced reporting by governmental agencies and not-for-profit organizations? Does the Public Company Accounting Oversight Board have authority to establish auditing standards for not-for-profits?
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