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On January 2, 2019, the corporation insured the life of its president for P2,000,000. The corporation was designated as the beneficiary of the policy. The annual premium was P80,000. The policy carried the following cash surrender values:
December 31, 2019 -
December 31, 2020 -
December 31, 2021 60,000
December 31, 2022 85,000
December 31, 2023 117,500
December 31, 2024 170,000
Question 1: The president died on March 1, 2022. Prepare entries related to the life insurance for the year 2019-2022. What is the gain on life insurance settlement?
ROSS is considering a $6M Series A investment in Newco. ROSS proposes to structure the investment as 3M shares of convertible preferred stock.
On 1st January, 1961, Black, White and Brown were in partnership and, at that date, their capital accounts showed credit balances of £5,000, £4,000 and £1,000.
Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2018. Determine the allocation of income at the end of 2018.
What is the FASB Codification System? What is the purpose of the FASB Codification System?
Calculate portfolio historical average rate of return and standard deviation assuming a portfolio of equal weighting for your case company and the reference.
cleared the bank in July was incorrectly entered in the cash payments journal
Suppose that Merck decided to reduce its research and development expense by 50%. What would be the short-term implications?
Prepare the appropriate correcting entry assuming the error was discovered in 2016 before the adjusting and closing entries. (Ignore income taxes.)
First year, $19,200; second year, $30,000; third year, $75,000; fourth year, $120,000. Calculate the dividends per share on each class of stock
a)Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date .
Prepare the worksheet eliminating entry or entries needed to remove the effects of inter corporate bond ownership in preparing consolidated financial statements
clorox net sales in fiscal 2003 were more than 4 billion and were double the 1997 level and these operations produced
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