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Question: On January 1, 2020, Seager, Inc., acquired 90 percent of Semien Company in exchange for $1,225,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,300,000. Seager computed annual excess fair-value amortization of $10,000 based on the difference between Semien's total fair value and its underlying book value. The subsidiary reported net income of $75,000 in 2020 and $95,000 in 2021 with dividend declarations of $35,000 each year. Apart from its investment in Semien, Seager had net income of $240,000 in 2020 and $280,000 in 2021.
The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 10,000 units per month.
Explain why this process is required. Provide an example of the closing of an expense account, salary expense in the form of a journal entry
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In 2013 X and Y have salaries of $35,000 and $27,000, respectively. Compute their taxable income assuming that they file a joint return
Wayne and Maria file a joint tax return on which they itemize their deductions and report AGI of $50,000. During the year they incurred $1,500 of medical expenses when Maria broke her leg. Furthermore, their dentist informed them that their daughter,..
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Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30
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