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Q1. On October 1, 2020, Wildhorse Company purchased 770 of the $1000 face value, 9% bonds of Ayayai, Inc., for $921000, including accrued interest of $15100. The bonds, which mature on January 1, 2027, pay interest semiannually on January 1 and July 1. Wildhorse used the straight-line method of amortization and appropriately recorded the bonds as available-for-sale. On Wildhorse's December 31, 2021 balance sheet, the carrying value of the bonds is
Q2. On January 1, 2021, Sheridan Company purchased 20% of Ace Corporation's common stock; no goodwill resulted from the purchase. Sheridan appropriately carries this investment at equity and the balance in Sheridan's investment account was $1030000 at December 31, 2021. Ace reported net income of $630000 for the year ended December 31, 2021, and paid cash dividends on common stock totaling $245000 during 2021. How much did Sheridan pay for its 20% interest in Ace?
investment cash flows of 3135 3460 and 3820 at the end of years 1 2 and 3 respectively. if he can earn 7.5 percent on
how would the following errors affect the account balances and the basic accounting equation assets liabilities
Create a tax plan for the future redemption of the client's stock owned in the construction company that will not be taxed according to Section 301 of the IRC.
For the following transactions and events, show the September 30 adjusting entries SPC would make. The company's income tax rate is 39%
Langer Company has three products (A, B, and C) that use common facilities. The relevant data concerning these three products follow. If fixed cost allocated to product line C are not avoidable and if product line C dropped, what will be the impact o..
1. the term market as use in the expression lower-of-cost-or-market means replacement cost not retail price.2.
on 1114 jameson co. purchased equipment at a cost of 420000. the equipment was estimated to have a useful life of five
The cost of goods sold was $30,000. On March? 18, High Quality received payment from the customer. Calculate the amount of gross profit
Discount Rates, Automated Manufacturing, Competing Investments Patterson Company is considering two competing investments.
For 2010, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell's contribution to the plan during 2010 was $180,000. Prepare Sampsell's 2010 entry to record postretirement expense.
Assume the account will earn 3% annually. If she repeats this for the next 6 years, how much will she have on deposit on April 14, 2025
P70,000 to the partnership to provide cash to pay the creditors, what amount of AA's P90,000 partnership equity would appear to be recoverable?
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