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Problem - Solar Power Inc. had the following transactions during 2105.
Sales revenue $60,000
Equipment rental revenue 1680
Cost of sales 24,750
Selling and administrative expenses 13,080
Interest expense 2,240
Gain on sale of old machinery 840
Unrealized gain on available for sale securities 624
Required -
1. Prepare a multi-step income statement of Solar Power Inc. assuming income tax rate applicable to SolarPower is 30%.
2. Compute comprehensive income.
What are the tax consequences to each of the parties as a result of the formation of the partnership, the sale of the property, and the liquidation of the partnership?
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