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In the current year, Plum Corporation, a computer manufacturer, donated 100 laptop computers to a local school district (a qualified educational organization). The computers were constructed by Plum earlier this year, and the school district allocated the computers among its various schools where they will be used for educational purposes. Plum's basis in the computers is $70,000, and their fair market value is $250,000. What is Plum's deduction for the contribution of the computers (ignoring the taxable income limitation)?
a. $70,000.
b. $140,000.
c. $160,000.
d. $250,000.
e. None of the above.
What amount of capitalized interest should Brick report as part of its building account at December 31, 2011?
Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
You take a deep breath because Jackson and Kara are about to walk through the door. While Jackson and Kara were very pleased with the refund they received after they filed last year's taxes, you have the feeling they're going to be looking for mor..
What is a constructive dividend? Under what circumstances is the IRS likely to argue that a constructive dividend has been paid?
2,000,000 shares of capital stocks at $3 par value were issued the company issued half of the stock for cash at $8 per share, and earnded $90,000 during the first three months of operation, and declared a cash dividend of $15,000 what would be the..
In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.
Please discuss the value of the accounting cycle to the including:
Blakeslee Machinery announced this morning that their next annual dividend will be increased to $2.10 a share and that future dividends will be lowered by 2 percent per year. The stock price after the announcement settled at $16 a share. What is t..
Alex also informs you that, under the current scheme, 70% of the firm's total overhead is allocated to his product. a. Computer the firm's total overhead cost and the overhead rate.
Compute the company's total required production in units of finished product for the entire three month period ending September 30.
Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, wh..
How is the auditor's assessment of control risk affected if a documented control procedure is not operating effectively? Explain the effect of such an assessment on the nature of audit tests of account balances.
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