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Problem - The Biltmore Trust is a simple trust. Crawford is its sole beneficiary. In the current year, the trust earns $3,200 in taxable interest and $8,000 in tax-exempt interest. In addition, the trust recognizes a $2,500 long-term capital gain. The trustee assesses a fee of $1,800 for the year.
a. Compute trust accounting income, where the trust agreement allocates fees and capital gains to corpus.
b. Same as part (a), except that fees are allocated to income.
c. Construct a Microsoft Excel formula that will generate the correct answer to both parts (a) and (b).
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During 2017, Sedgwick Corporation had the following transactions and events. Issued par value common stock for cash below par value.
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The benefits from expenditures can be planned with certainty
Chicago contractors got $7,000,000 contract to construct a school building for the City of Chicago
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On September 1, 2006, Sam's Shoe Co. issued $350,000 of 8% bonds. The bonds pay interest semiannually on January 1 and July 1 of each year. The bonds were sold at the face amount. How much cash did Sam's receive upon sal of the bonds?
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