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Each of the following situations has an internal control weakness:
Required
Problem 1: Identify the missing internal control procedure in each situation.
Problem 2: Identify the potential problem that could be caused by each control weakness.
Problem 3: Propose a solution to each internal control problem.
Prepare the entries to record the above transactions as they would have been recorded on the books of the subsidiary
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Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 30% shareholder when the property is worth $350,000. Compute Martin basis
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