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Resale of intercompany asset. Hilton Corporation sold a press to its 80%-owned subsidiary, Agri Fab Inc., for $5,000 on January 1, 20X2. The press originally was purchased by Hilton on January 1, 20X1, for $20,000, and $6,000 of depreciation for 20X1 had been recorded. The fair value of the press on January 1, 20X2, was $10,000. Agri Fab pro- ceeded to depreciate the press on a straight-line basis, using a 5-year life and no salvage value. On December 31, 20X3, Agri Fab, having no further need for the machine, sold it for $2,000 and recorded a loss on the sale.
Explain the adjustments that would have to be made to the separate income statements of the two companies to arrive at the consolidated income statements for 20X2 and 20X3.
decision on closure of one of the units with the help of decrease in net income.the most recent monthly income
1. What is MACRS? In your explanation, please describe the recovery periods, depreciation methods and depreciation conventions. 2. What is the difference between a recognized gain/loss and a realized gain/loss?
It produces its candy and sells it to distributors in May for $220,000, but it does not receive payment until June.
Effective April 1, 2004, The Bloomington Corporation, which has a December 31st year-end, authorized $1,500,000 of callable, mortgage bonds(secured by $2,200,000 of property and equipment, at market value). Prepare the journal entries related to the ..
The proper accounting for these restoration costs is: Expense them as incurred. Capitalize and depreciate them over the estimated life of the mine. Add them into the depletion base of the mine.
Actual hours worked were 195,000 and actual overhead was $978,000. Compute the predetermined manufacturing overhead rate. Compute the applied manufacturing overhead.
The maximum child and dependent care credit that a married couple with three qualifying children can claim is: The additional child tax credit is claimed on:
Irving paid a realtor commission of $2,000 on the sale. What is Irvings recognized gain or loss on the sale if Blackacre has an adjusted basis of $63,000?
Seventy percent of Parle Corporation's sales are collected in the month of sale, 25% in the month following sale, and 5% in the second month following sale. The following are budgeted sales data for the company:
Prepare a schedule showing the intangible section of Lewis's balance sheet at December 31, 2011. Show supporting computations in good form.
Compute the amount to be reported with the "Cash" caption in current assets at the balance sheet date. Indicate the proper reporting for items that are not included in your answer to part (a).
Calculate the profit on sale. Explain the effect of each transaction on the accounting equation. Prepare a spreadsheet summarising the transactions.
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