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Cashen Co. paid $2,400,000 to acquire all of the common stock of Janex Corp. on January 1, 2010. Janex's reported earnings for 2010 totaled $432,000, and it paid $120,000 in dividends during the year. The amortization of allocations related to the investment was $24,000. Cashen's net income, not including the investment, was $3,180,000, and it paid dividends of $900,000.
On the consolidated financial statements for 2010, what amount should have been shown for Equity in Subsidiary Earnings?
A. $432,000.
B. $-0-
C. $408,000.
D. $120,000.
E. $288,000.
Prepare a mortgage amortization schedule and the journal entries to record the first two payments on the following thirty-year mortgage: Face amount of the mortgage: $100,000
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The projected benefit obligation was $100 million at the beginning of the year. Service cost for the year was $14 million. At the end of the year, pension benefits paid by the trustee were $8 million and there were no pension-related other comprehens..
The bonds were sold for 833,760 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2010?
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