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Iris Corporation owns 30% of Fresia Corporation's stock. On November 15, Fresia Corporation, with current E & P of $320,000, distributes land (fair market value of $100,000; basis of $160,000) to Iris. The land is subject to a liability of $80,000, which Iris assumes.
a. How is Iris Corporation taxed on the distribution?b. What is Fresia Corporation's E & P after the distribution?
On March 17, Grady Company agrees to accept a 60-day, 9%, $10,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?
assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.
Does a corporation recognize a gain or loss when it distributes property as a dividend or in a redemption? My text just goes on and on regarding these topics. Is there a reference on the above that is more concise?
The PBO was $400,000 at December 31, Year 6, and $420,000 at December 31, Year 7. Barrel's effective tax rate is 30%. What is funded status of Barrel Corporation's pension plan at December 31, Year 7?
Discuss ideas for a new business in your community. Explain what is the new business will you provide and why your community is need of such a business.
Using the successful efforts method of accounting for oil and gas exploration costs, how much exploration expense would be shown in Exploratory's income statement for 2013?
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
Journalizing corporate transactions and preparing the stockholders' equitysection of the balance sheet [20-25 min]B-Mobile Wireless needed additional capital to expand, so the business incorporated.
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Use the horizontal model, or write the journal entry to show the effect of :
How would you describe activity based costing? Also, can you explain why it might result in more accurate product costing information than the product cost derived under the traditional costing approach?
Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
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