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Assume that Opel Inc. has no temporary or permanent differences. Opel experiences a net operating loss of $4,000 in 2018 and takes advantage of the carryforward provision. The enacted future tax rate is expected to be 35 percent. In 2019, Opel has taxable income of $1,500 prior to adjustment for the NOL carryforward, subject to a 35 percent tax rate.
Question a. Prepare the journal entry to record the tax effect of the $4,000 loss carryforward for 2018.
Question b. Prepare the journal entry to record the income tax expense for 2019.
Dividends on common stock were $2.05 per share and dividends on preferred stock were $1.80 per share. The earnings per share of common stock is closest to:
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Prepare General journal entries for the following balance day adjustments. Rent received for period 1/4/2018 to 31/07/2018 $44,000 ($40,000 + $4,000 GST )
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Tin acquired 15% of the equity voting shares and 90% of the non-voting preferred shares of Copper. Copper has no other category of shares. The directors of Tin are also the directors of Copper, there is a common head office with shared administrat..
When determining the minimum transfer price, what is meant by the "opportunity cost"? In what circumstances will a negotiated transfer price be used instead of a market-based price?
bruno manufacturing inc. has sales of 2200000 for the first quarter of 2010. in making the sales the company incurred
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