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On October 1, 2017, Nash Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $122,000, 8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Nash's financial statements are prepared on a calendar-year basis.
Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Nash Equipment Company for the entire term of the note. Assume that reversing entries are not made on January 1, 2018 and January 1, 2019.(Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Identify from the list below the type of disposition of a passive activity where the taxpayer keeps the suspended losses of the disposed activity and utilizes them on a subsequent taxable disposition.
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Beth, who died in January 2012, was survived by her husband, Ben. Beth's federal gross estate was equal to $6,000,000 on the date of her death.
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innovative technologies inc. incurred research and development costs of 150000 and legal fees of 42000 to acquire a
Dawson Toys, Ltd., produces a toy called the Maze. Compute the following variances for July: The labor rate and efficiency variances.
Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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