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Phoenix Corp acquired the business Data Resources for $300,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $260,000, liabilities of $40,000, and stockholders equity of $220,000. An appraiser assessed the fair market value of the tangible assets at $235,000 at the date of acquisition. Phoenix Corp's financial condition just prior to the acquisition is shown in the following statements model:Required:
a. Compute the amount of goodwill acquired.
b. Record the acquisition in a financial statements model like the preceding one.
c. When will the goodwill be written off under the impairment rules?
d. Record the acquisition in general journal format.
A manual insertion process takes 30 minutes and eight pounds of material to produce a product. Automating the insertion process requires 15 minutes of machine time and 7.5 pounds of material.
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darlene projects that she can get 180000 cash per year for 5 years on a real estate investment project. if darlene
dvds manufactures and sells dvd players in two countries. it manufactures two models-basic and custom-in the same
Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2009, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income for 2009 is:
What is the expected capital gains yield of FPL stock? (The total return (the expected rate of return) is equal to dividend yield plus capital gains (loss) yield. You may apply CAPM to find the expected return on FPL stock.)
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Identify three out of four types of classifications for non-influential investments in securities.
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On January 1, 2010, the Cromwell Company adopted a defined benefit plan for its employees. All the employees are the same age, retire at the same time, and have the same life expectancy after retirement. The following are the relevant facts concernin..
a standard auditors report contains reference toeach of the followinga. responsibilityb. generally accepted
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