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Question - On January 1, 2012, Smeder Company, an 80% owned subsidiary of Collins, Inc. transferred equipment with a 10-year life (six of which remain with no salvage value) to Collins in exchange for $84,000 cash. At the date of transfer, Smeder's records carried the equipment at a historical cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Smeder reported net income of $28,000 for 2012 and 2013, respectively. Prepare the consolidation entries related to the equipment for year 2012 and year 2013.
1.the realization principle indicates that revenue usually should be recorded in the accounting recordsquestion 1
The Winsey Company purchased equipment on January 2, 2010, for $700,000. The equipment has the following characteristics:Estimated service life ......... 20 years 100,000 hours950,000 units of outputEstimated residual value ....... $50,000During 2010..
the falling snow company is considering production of a lighted world globe that the company would price at a markup of
At that time, these securities held a fair market value of 6500. Prepare journal entries to record the preceding information for the fourth quarter
The scanner costs $6,900,000, and it would be depreciated straight-line to zero over four years. Because of radiation contamination, it will actually be completely valueless in four years.
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The purpose of this assignment is to demonstrate to students how the issuance of debt to purchase outstanding common stock could affect the value of the company
Assuming his ordinary income tax rate is 24 percent, and he has no other capital gains or losses, how much tax will he pay on this gain
what does it mean to assert that the delta of a call option is 0.7? how can a short position in 1000 options be made
What might they have done to the books to create a ‘profit' versus a ‘loss'. Apply what you have learned in Ch. 1 and 2. How might this situation impact the stockholders, creditors, etc. Be thorough in your comments, provide an example or details.
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