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Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
a. Albert has a recognized gain on the transfer of $140,000.
b. Albert has a recognized gain on the transfer of $80,000.
c. Albert has a recognized gain on the transfer of $60,000.
d. Gold Corporation has a basis in the land of $220,000.
e. None of the above.
If the absorption costing method can be misleading, and it is not suitable with the CVP, why is it the GAAP approved method? How about international standards, What is the treatment under IFRS?
on january 1 f the current year, feller corporation issued $3000000 of 10% debenture bonds on a basis to yield 9%,receiving $3134580. interest is payable annually on december 31 and the bonds mature in 6 years.the effective interest method is used..
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What are the different issues involved with translation exposure, transaction exposure and economic exposure? How can companies plan to mitigate the risk of each? What are the opportunity costs associated with measures to mitigate this risk?
Explain how a physical inventory count would differ in a company using a perpetual inventory system versus one using a period inventory system.
A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2012. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,109. Using effective-interest amortization, how much interest expense will be re..
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Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
Prepare the 2009 journal entries for all of the following transactions and adjustments. Show full computations. You can ignore dates if not given. Round all amounts to nearest dollar.
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