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Question - Andies Inc. owns all of the stock of Theatre Corp., the only asset of which is acreage that had been used as one of the last surviving drive-in theatres, with an adjusted basis of $60,000 and FMV of $150,000. Andies' basis in the Theatre stock is $50,000. Yancy Corp wants to obtain the land so Theatre exchanges the land for Yancy voting stock work $130,000 and then liquidates. The voting stock had been treasury stock that Yancy had bought in the market for $100,000. Yancy also transfers $1,000 cash in addition to the voting stock. How much gain will Theatre Corp. recognize from this exchange? Explain your response.
Considering 2% as fair compensation for the risk involved in the business, calculate the value of goodwill of his business on capitalization of super profits at the normal rate of interest. Ignore taxation.
How would you amortize it under the straight line method? What would be the journal entries you would make? How about double declining method
Leave no cells blank - be certain to enter 0 wherever required. Indicate the effect of each variance by selecting F for favorable, U
Sherrod, Inc., reported pretax accounting income of $92 million for 2011. The following information relates to differences between pretax accounting income and taxable income:
Explain the role of International Accounting Standards Board (IASB) in harmonization. How is the board created
It is your job to identify that target market. At this point, they don't even know how the product should be packaged or have a name to identify it.
each of the three independent situations below describes a capital lease in which annual lease payments are payable at
Direct materials $40, direct labor $10, variable overhead costs $30, and fixed overhead costs $20. In the short term, the incremental cost of one unit is what?
Clay Co. has considerable excess manufacturing capacity. What is the total amount to be included in the calculation to determine the minimum acceptable price
Discuss interest rate parity by describing the process initiated by arbitrageurs when it is violated - that is, what is involved in restoring equilibrium?
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
Calculate the estimated break-even point in annual unit sales of the new product if Creative Ideas Company uses the
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