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Question - Choco acquired 10 % of the voting common stock of Cake Company in 1/1/2019 by paying $12,000 in cash. Choco uses the fair value method to account for its investment and recorded as available for sales security. Cake Company has the book value of net assets of $100,000. During 2019, Cake had a net income of $85,000, paid dividends of $60,000. The fair market value of Cake in 1/1/2019 was $120,000 and in 12/31/2019, it was $132,000.
Required - What is the journal entry regarding net income earned by Cake in 12/31/2019?
Employer establishes a SIMPLE IRA for each employee's retirement. What retirement plan are contributions to a SIMPLE IRA made?
In addition, Sterling discovered that it had erroneously recorded a check for $46 that should have been recorded for $64. What is Sterling's correct Cash balance at March 31?
The replacement of a machine immediately prior to the close of the current fiscal year at a cost 20% above the original cost of the replaced machine. The new machine will perform the same function as the old machine that was sold for its book valu..
On January 1, 2012 Haley Co. issued ten year bonds with a face amount of $3,000,000, Compute the total issue price of the bonds
What is the present value formula for $10,000 in gold (commodities) if the Fed interest rises 4% over the next 2 years. What is result or PV?
If beginning balance in prepaid insurance was $500 and$2,500 was paid for insurance premium during year, ending balance in prepaid insurance account (after the aboveadjusting entry) would be?
Prepare general journal entries, including appropriate interest accruals, to record the following transactions in the general ledger of the General Fund of Wick
Alpha Company provided the following data concerning its income statement: sales, $1,040,000; purchases, $380,000; How much is net income
who has just been appointed general manager of the Westwood Plant, has been given instructions to get things under control
Select one (1) developing country, and discuss the fundamental actions that the leadership of the selected country is - or is not.
Define what is meant by the concepts of limited liability, and/or liability protection. From the perspective of a Christian worldview, is it wrong for a business owner to use a business organization form that provides for liability protection?
Marszalek Industries, Inc. had a $76,000 NOL in 2014. Its history of modified taxable income has been: 2011 - $20,000. How is that $76,000 NOL applied
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