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On January 1, 2019, Philcorp acquired 7,000 of the outstanding 10,000 shares of Anderco by issuing its own shares with a market value of $420,000. On June 30, 2020, Philcorp sold 2,500 shares for cash consideration of $60 per share on open market. Immediately before the sale, the shareholders' equity of Anderco amounted to $550,000 and the unamortized purchase discrepancy was $35,000. Philcorp uses the equity method to record its investment in Anderco. Problem 1: Prepare the journal entry(ies) Philcorp would make to record the sale.
What education tax credits are available if Walt and Deloris report modified AGI of $123,700 and Tiffany is taking one class a semester
Evaluate the following statement: Managers should not focus on the current stock value because doing so will lead to an overemphasis on short-term profits at the expense of long-term profits.
The cost of materials transferred into the Rolling Department of Atlas Steel Company is $4,600,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $1,100,000 ($600,000 factory overhead applied and $500,000..
Determine Cost of Trade Credit. What are the nominal and effective costs of trade credit under the credit terms of 4/20, net 40? Assume a 365-day year.
What is Miguel's taxable income? How much gross income is recognized by each beneficiary?
Compute the following amounts Autovalet reports in its annual accounts for x5: interest income, unearned franchise fee revenue at 31 December and supplies expense.
Bailey & Tepe, attorneys-at-law, provided legal representation to Goode Equipment Inc. in a product liability suit. Twenty parners hours and 65 associate hours were worked in defending the company. The cost of each partner hour is $325, which include..
What is the equipment's after-tax net salvage value? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000
If Shi has a target capital structure of 30% debt, 5% preferred stock, and 65% common stock, what is its WACC
Of those $2,000 charged, 1/4 is for purchases in grocery stores and restaurants. Use this information to calculate the amount of your monthly cash-back bonus
Fraud in South Africa is negatively affecting economic growth and development. Discuss FIVE (5) types of fraudulent activities
Determine the dollar amt of interest you would pay on each loan and indicate the amount of net proceeds each loan would provide. Which loan would provide you with the most upfront money when the loan takes place? Calculate the percent interest rate o..
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