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On january 1, 2011, the travis corporation purchased a 22% in scott company by procuring 5000 shares of the 25,000 outstanding shares of common stock. the acquisition price was $32.50 a share. on the date of this procurement, scott companys net assets were defined as the following: Non-depreciated current assets book value 65,000 fair value 73,000 difference 8,000 Depreciable assets book vaule 163,000 fair value 251,000 difference 15,000. Total asstes book value 228,000 fair value 251,000 difference 23,000. total liabilities book and fair value 90,000. During 2011 scott company had earned income of 76,000 and paid dividends of 16,000. the depreciated items have a useful life of 5 years remaining and no residual value.Prepare all the necessary jouranl entries on Travis's books to record the acquistion and the events subsequent to the inital investments.
bruno company has decided to expand its operations.the bookkeeper recently completed the balance sheet presented below
Research and Developments Costs
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1.it is important to remember that determining full cost is not as objective and exact a calculation as one might
On July 1, 2011, Patton Company should increase its Held-to-Maturity Debt Securities account for the Scott Co. bonds by
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1. briefly explain the purpose of the disclosure note on significant accounting policies. provide two examples of what
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Land was acquired for $200,000 in exchange for common stock, par $200,000, during the year; all equipment purchased was for cash. Equipment costing $20,000 was sold for $8,000; book value of the equipment was $16,000 and the loss was reported as a..
A tax credit produces a tax benefit only to the extent of the effective tax rate in the taxpayer's top bracket multiplied by the amount of the credit
write a report of no more than 700 words justifying the need for the system when controls are in place with insurance
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