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Darby Corporation issued at a premium of $5,000 a $100,000 bond issue convertible into 2,000 shares of common stock (par value $40). At the time of the conversion, the unamortized premium is $2,000, the market value of the bonds is $110,000, and the stock is quoted on the market at $60 per share. If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?
a. $25,000
b. $22,000
c. $32,000
d. $40,000
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
Develop a memo to Texaco Inc’s chief accountant indicating the appropriate income tax allocation required for the above items, comprising the appropriate balance sheet presentation.
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Which of the following is a true statement regarding primary authority of tax law?
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Compare the following alternatives on the basis of their capitalized cost at an interest rate of 10% per year.
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial.
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