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MikeCo, Inc. holds 24 percent of the outstanding shares of Mark company and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with this investment amounts to $11,000 per year. For 2017, Mark reported earnings of $116,000 and declares cash dividends of $31,000. During that year, Mark acquired inventory for $52,000, which it then sold to MikeCo for $86,000. At the end of 2017, MikeCo continued to hold merchandise with a transfer price of $30,000. Question 1: What Equity in Investee Income should MikeCo report for 2017?
Question 2: How will the intra-entity transfer affect MikeCo's reporting in 2018? Question 3: If MikeCo had sold the inventory to Mark, how would the answers to (a) and (b) have changed?
On October 1, 2015, Brimley Company sold 12% bonds having a maturity value of $800,000. Prepare the journal entries at the date of the bond issuance
Employee training costs have increased to $30 per hour. How much would their training costs per employee be to the nearest dollar?
Joan is a self-employed attorney in New York City. Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2019
The allowance method of recognizing bad debt expense, What two conditions must be met before the allowance method can be used?
Casey Co Ltd is assessing the recoverable amount of some land it invested in 5 years ago at a cost $600 000. What is the effect of using the discount rate
Develop two or three additional factors (power, influence, coalition) that could have used to improve negotiation performance, and explain
Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200 at a company's year-end prior.
What is efficiency variance?Budget working hours: 3,900. Actual hours worked: 4,000 hours. Budgeted hourly wage: $10. Actual hourly wage: $10.50
Assume that after two years, he sells the stock, for $250 per share when the conversion rate for pounds to dollars is £1 to $1.30. How much is his gain
ACC 245 D20 Spring 2017 - Case Study with analysis - This comprehensive problem uses a case study of a real Fortune 500 Corporation to help understand the uses of different types of corporate financing methods.
In the preparation of Crane's balance sheet as of December 31, 2018, what should be reported as total intangible assets
Required - Compute the weighted-average accumulated expenditures on Metlock's new building during the capitalization period
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