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Question - ABC Company purchased 40,000 ordinary shares on October 1 for P6,600,000 to be held for trading. On November 30, the investee distributed a 10% stock dividend when the market price of the share was P250. On December 31, the entity sold 4,000 shares for P1,000,000.
What amount should be prepared as gain of sale of investment for the current year?
a. P340,000
b. P400,000
c. P500,000
d. P600,000
e. Answer not given
Beginning with a corrected income from continuing operations before income tax, provide the rest of the balance sheet, ending with the net income of the firm
Compare the tax consequences to the shareholder and the distribution corporation of the following three kinds of corporate distribution: ordinary dividends
Using the activity-based costing approach, determine the overhead cost per unit for each product.
on july 1 2012 an interest payment date 80000 of parks co. bonds were converted into 1600 shares of parks co. common
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An unrealized loss of $80,000 on available-for-sale securities. Prepare a statement of comprehensive income, beginning with income from continuing operations
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During 2016, Tranquil Waters Spa reported revenue of $20,000. Compute Tranquil Waters Spa's net income for 2016
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In early 2009 Sanborn Company must pay the tax authority €37,000 on the income it earned in 2008. Th is amount was recorded on the company's 31 December 2008 financial statements as:
Martin & Associates borrowed $5,000 on April 1, 2008 at 8% interest with both principal and interest due on March 31, 2009. Which of the following journal entries should the firm use to accrue interest at the end of each month?
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