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Question - Justin Company purchased a plant facility consisting of land and building from Joshua Company in exchange for 200,000 shares of Justin's share capital. On the acquisition date, Justin's shares had a closing market price of P65 on a stock exchange while its par value is P50. The plant facility was carried in Joshua's books at P3,000,000 for the land and P8,000,000 for the building at the exchange date. Current assessed values for the land and building, respectively are P4,500,000 and 7,000,000. How much should the Land be recorded in the books?
Determine the break-even point in units of Q and Z. If required, round your answers to the nearest whole number
Find a recent CPA case where the member was expelled (it's public information) and discuss the reasons why the member got in trouble.
All other items were stated at their fair values. On Cline's June 1 consolidated balance sheet, how much is reported for goodwill
Determine the amount of underapplied or overapplied manufacturing overhead for the period.
What are the pros and cons of management treating direct labor as a variable cost? Are there ethical issues to be considered here?
Prepare a Manufacturing overhead budget for the same period, Prepare a direct labor budget for January through June
Clara received from her Aunt Sona, property with a FMV at the date of the gift of $51,400. What is Clara's gain on the sale
the xyz company is planning a 50 million expansion. the expansion is to be financed by selling 20 million in new debt
Land with a basis to Midland of $500,000, value at distribution of $600,000. What are the tax consequences of the liquidating distribution
The corporation qualified as a small business corporation and went out of business on February 2
Does the fact that revenue recognized prematurely on financial statements will be earned in future periods lessen the severity of such a violation?
In 2014, Spanish Fort Corporation had net sales of $500,000 and cost of goods sold of $300,000. Prepare an income statement for Spanish Fort Corporation
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