Reference no: EM132032386
QUESTION - Earnings & Profits
1. Sopwith Diesel Company had E&P of $32,000 when it distributed land held as an investment with a basis of $10,000, a value of $63,000, but subject to a liability of $22,000 to an individual shareholder. After the distribution, how much is Sopwith's E&P?
2. Yoen, Inc. has an accumulated deficit of $15,000. This year it distributes $20,000 to its shareholders. The current year's books reveal the following items:
Taxable income $12,000
Proceeds from key-man life insurance $10,000
Interest from Iowa City bonds $5,000
Capital loss $4,000
How much of the distribution is a dividend? Show your work?
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Record the first interest payment on june
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What price will the bonds issue
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Prepare the journal entries to record this transaction
: On March 4, 2018, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction
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How much of the distribution is a dividend
: Yoen, Inc. has an accumulated deficit of $15,000. This year it distributes $20,000 to its shareholders. How much of the distribution is a dividend
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Show how interest would be allocated over the lease period
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Prepare the journal entries to record the mortgage loan
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