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On January 1, 20X8, Ramon Corporation acquired 75 percent of Tester Company's voting common stock for $300,000. At the time of the combination, Tester reported common stock outstanding of $200,000 and retained earnings of $150,000, and the fair value of the noncontrolling interest was $100,000. The book value of Tester's net assets approximated market value except for patents that had a market value of $50,000 more than their book value. The patents had a remaining economic life of ten years at the date of the business combination. Tester reported net income of $40,000 and paid dividends of $10,000 during 20X8. What balance will Ramon report as its investment in Tester at December 31, 20X8, assuming Ramon uses the equity method in accounting for its investment?
determine the present value of the following cash flowsdiscounted at an annual rate of 15 percenta. 10000 to be
The ledger of Molina Company at the end of the current year shows Accounts Receivable $86,000; Credit Sales $780,000; and Sales Returns and Allowances $40,000.
Differentiate between nonprofits and governments in regards to accounting for restricted funds. What are the potential reasons GASB issued a statement 54 clarifying the reporting and classification of funds for governmental accounting.
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owner's equity for the month of June.
Prepare the journal entries to record each of the partners' investments.
Using a Governmental Agency or Not-for-Profit organization identify what are considered to be its major funds? In what key ways are major funds reported differently than non-major funds?
What is the purpose of tax planning? How do we conduct tax planning? How could tax planning lead to unethical behavior? - Answer in 150-200 words.
Paul Porter is proposing to purchase a machine, which will cost $1 million, last eight years, and have a salvage value of 20%. Given a tax rate of 35% and a cost of capital of 6%, if double-declining balance depreciation is used and PP switches to..
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
The notes to Donald's financial statements show that subsequent to 2006 the company will have future minimum lease payments under operating leases of $12,848.1 million.
the percentages in marcs gds for real property were calculated based on the following principlesresidential rental
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