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Journal Entries for Fair Value and Equity Methods Presented below are two independent situations.
Situation 1
Hatcher Cosmetics acquired 10% of the 200,000 shares of common stock of Ramirez Fashion at a total cost of $14 per share on March 18, 2010. On June 30, Ramirez declared and paid a $75,000 cash dividend. On December 31, Ramirez reported net income of $122,000 for the year. At December 31, the market price of Ramirez Fashion was $15 per share. The securities are classified as available-for-sale.
Situation 2
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2010. On June 15, Nadal declared and paid a cash dividend of $36,000. On December 31, Nadal reported a net income of $85,000 for the year. Prepare all necessary journal entries in 2010 for both situations.
in the current year bill parker 54 oak drive st.paul mn 55162 is considering making an investment of 60000 inbest
the prepaid insurance account had a beginning balance of 5000 and was debited for 2000 of premiums paid during the
Briefly describe the selected publicly traded company that committed fraud, and analyze the fundamental drivers of the fraud.
1. when merchandise that was sold on account is returned which accounts are affected?a.cash accounts receivable cost
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Prepare journal entries, if needed, to reflect the dividend declaration, the date of record, and the date of payment - How much was net income for 20X7 and 20X8?
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Boyz II Men Corporation had income before income taxes for 2004 of $7,300,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption.
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Compute the total bond interest expense over the bonds' life. Prepare the journal entries to record the first two interest payments.
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