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On January 3, 2008, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. There was no goodwill or other cost allocation associated with the investment. Roberts has significant influence over Thomas. During 2008, Thomas reported income of $300,000 and paid dividends of $100,000. On January 4, 2009, Roberts sold 15,000 shares for $800,000.
What was the balance in the investment account before the shares were sold?
$1,560,000
$1,600,000
$1,700,000
$1,800,000
$1,860,000
David organizes White Corporation with a transfer of land (basis of $200,000, fair market value of $600,000) that is subject to a mortgage of $150,000.
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2011. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April.
Henry's is a chain of 45 coffee shops. The standard amount of ground coffee per cup is .75 ounces. During the month of October, the company sold 320,000 cups of coffee (reported via electronic cash registers), and the 45 shops reported using 15,80..
Use information from the latest financial statement to compute operating leverage, ROI, EVA and another performance measure of Textron,
A mining company declared a liquidating dividend. the journal entry to record the declaration must include a debit to:
What is the service design matrix? Find a peer-reviewed journal article which addresses this concept. Provide a brief summary of the article.
On January 1, 2010, Milton Company purchased at face value, a $1,000, 6% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end.
What is the expected postretirement benefit obligation at the end of 2011?
An individual actually earned a 4% nominal return last year. Prices went up by 3% over the year. Given that the investment income was subject to a federal tax rate of 28% and a state, and local tax rate of 6%
During the last week of August, Apache Arts Company's owner approaches the bank for an $107,500 loan to be made on September 2 and repaid on November 30 with annual interest of 14%, for an interest cost of $3,763.
A company manufactures a single product. During year 2012, a total of 20,000 units of this product were produced and 15,000 units were sold. The sales price was $20.00 per unit.
Explain the rules for discharge of indebtedness income. When is it taxable, and when isn't it? Why? Do you think these rules make sense?
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