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Problem - Ron, David, and Mary formed Widget, Inc. Ron and David each received 40% of the stock, and Mary received the remaining 20%. Ron contributed land with an FMV of $70,000 and an adjusted basis of $20,000. The corporation also assumed a $30,000 liability on the property. David contributed land with an FMV of $30,000 and an adjusted basis of $15,000. David also contributed $10,000 in cash. Mary received her stock for services rendered. She normally would bill $20,000 for these services. What is David's basis in the corporate stock received?
a. $0
b. $10,000
c. $25,000
d. $40,000
Prepare the journal entry to record the payment of interest and the amortization of the discount on July 1, 2011, assuming that interest was not accrued on June 30.
Freebee Corporation's common stock is actively traded on a national exchange. It issues 2,000 shares of its $3 par value stock for equipment.
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The 2010 Report to the Nations contains a Fraud Prevention Checklist. The checklist says, "The most cost-effective way to limit fraud losses is to prevent.
Mayberry Textiles Inc. is considering the purchase of a new machine which has an initial cost of $400,000. Compute the net present value of the machine.
During the preceding month, the actual production was 7,560 units. Compute such variances as can be derived from the above data
company began its operations on may 31 of the current year. projected manufacturing costs for the first three months of
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