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Lorikeet Corporation acquired an 80% interest in Nectar Corporation on January 1, 2000 at a cost equal to book value and fair value. In the same year Nectar sold land costing $50,000 to Lorikeet for $30,000. On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What will be the gain reported on the consolidated income statement for 2005?
Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.
Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement?
Willie purchased a whole-life insurance policy on his brother, Benny. under the policy, the insurance company will pay the named beneficiary $100,000 upon the death of the insured, benny.
Imagine you are preparing a business's cash budget, which involves determining the amount of cash to keep on hand. How might the nature of the business affect your decision? Provide specific examples in your response.
Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205.
What is the difference between a tariff and a quota? What is the impact of a trade surplus?
The land had a cost of $350,000. The adjustment in the reconciliation, when moving from the governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statemen..
On December 1, 2010, the company declared a cash dividend of $2 per share which will be paid in cash on January 15, 2011. The annual accounting period ends December 31. Prepare the appropriate journal entries on each date.
Joshua Thorp opened Laser Co. on January 1, 2011. At the end of the first year, the business needed additional funds. On behalf of Laser, Joshua applied to Vermont National Bank for a loan of $500,000. Based on Laser financial statements, which ha..
Your write-up should be concise enough to allow me to see the answer without having to search but complete enough that I know you did the steps. Step One is important; if you skip ahead to Step Three it will show in your write-up.
Sam, a single individual with a salary of $40,000, paid the following expenses during the year: Analyze the above expenses and determine which ones are deductible for AGI. Please support your position
santo Company budgeted selling expenses of $30000 in January, $37000 in February, and $45000 in March. Actual Selling expenses were $31000 in January, $35500 in February and $53000 in March.
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