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Problem - On January 1, 2020 Sinister Corporation purchased 200,000 shares of Gates, Inc. which represents 20% of the outstanding stock of Gates, Inc. for $12 per share. Sinister also obtained 2 seats on the 7 member board of directors. both Sinister and Gates use a calendar year end. During 2020, Gates made a net profit of $1,000,000, paid dividends of $400,000, recorded its first adjustment to OCI of a debit of $100,000. On December 31, 2020, Gates repurchased 10% of its outstanding shares from each of its existing shareholders, including Sinister. The Fair Market Value per share of Gates at the end of 2020 was $22. What is the balance in Sinister's Investment account as of December 31, 2020?
Identify and explain three income statement accounts that may result in accrual and deferrals adjusting entries
Create the schedule of expected collections from customers for match. Prepare a schedle of expected payments for direct materialsfor match.
Ottawa University sold 15,000 season football tickets at $80 each for its six-game home schedule. What entry should be made when the tickets were sold
lhe corporation Is an entity separate and distinct from Its owners. lhe llablllty of stockholders Is nonnally llmlted to their Investment In the corporation.
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date.
You plan to pay it off with monthly payments of $850 in 4 years. What is the effective annual rate of interest on the loan
Calculate the volume level in boxes at which the standard and deluxe poppers would earn the same operating profit (loss).
The company expects to drive the van 150,000 miles. Calculate annual depreciation for the five-year life of the van using Double-Declining-Balance method
Indicate the amount the customer owes on the contract at the end of the first year.
AB Laboratories Pty Ltd incurred an accounting net loss of $50,000 for the year ended 30 June 201X. Calculate taxable income and tax payable
Explain the income tax advantages of contributing to a 401k plan. What happens if you withdraw money from your 401k early
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. Prepare a bank reconciliation for the month of October. Prepare the necessary..
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