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Two independent companies, Hager Co. and Shaw Co., are in the home building business. Each owns a tract of land held for development, but each would prefer to build on the other's land. They agree to exchange their land. An appraiser was hired, and from her report and the companies' records, the following information was obtained: Hager's Land Shaw's Land Cost and book value $384,000 $240,000 Fair value based upon appraisal 480,000 420,000 The exchange was made, and based on the difference in appraised fair values, Shaw paid $60,000 to Hager. The exchange lacked commercial substance. For financial reporting purposes, Hager should recognize a pre-tax gain on this exchange of
pnok company has been purchasing a component part q for 18.90 a unit. pnok is currently operating at 70 of capacity and
utech company bottles and distributes livit a diet soft drink. the beverage is sold for 50 cents per 16-ounce bottle to
Use the following information to complete Phillip and Claire Dunphy's 2012 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem.
pujols industries issued 10 bonds dated january 1 with a face amount of 48 million. the bonds were priced at 42 million
on february 1 2012 buffalo corporation issued 2870 shares of its 7 par value common stock for land worth 36160.prepare
several months ago northwest cover paint company experienced ahazardous materials spill at one of its plants. as a
critics have claimed that a widely used accounting system has led to undesirable buildups of inventory levels.a is
Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest. The bond interest rate is 8% and interest is paid semi-annually.
ash corp uses a process costing system. beginning inventory for january consisted of 2000 units that were 40 completed.
overview of direct and indirect methods evaluate the comments that follow as being true or false. if the comment is
hahn company uses the percentage of sales method for recording bad debts expense. for the year cash sales are 300000
wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format.
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