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Problem
Ashley Williams, a sole proprietor, is engaged in the deaditeeradication business. Ashe accrues only trouble, he uses the cash basis of accounting. In 2016, he incorporates as Boomstick Corporation. Ash transfers assets (basis of $400,000; FMV of $2 million), trade accounts payable of $110,000, and loan due to a bank of $390,000. The proceeds from the bank loan were used by him to provide operating funds for the business. He receives 100% of the stock.
a. Does Ashley recognize any gain or loss on the incorporation? Explain.
b. What basis does he have in the stock?
c. What basis does the corporation have in the assets it receives?
Rockwell Corporation had a net income of $150,000 for the year ending 2009. The company decided to payout 40% of earnings per share as a dividend. Rockwell has 120,000 shares issued and outstanding. What are the retained earnings for the 2009?
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On January 1, 2017, Betty DeRose, Inc. purchased a piece of machinery for $170,000. The machine had an estimated useful life of 10 years.
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It is the controller's belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
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