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John Inc and Victor Inc. formed a joint venture on January 1, 2020. John invested plant and equipment with a book value of $500,000 and a fair value of $800,000 for a 30% interest in the venture which was to be called Jinxtor Ltd.
Problem 1: What would be the realized portion of the unrealized gain taken into income for the year ended on December 31, 2020 arising from John's investment in Jinxtor?
A) $13,500B) NilC) $60,000D) $28,500
What is the TOTAL interest expense recognized over the life of the bonds? Cola, Inc. issued a 12-year, 10%, $2,500,000 bond on January 1, 2016
The company uses the FIFO inventory costing method, and it computes a new, monthly, fixed manufacturing overhead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned.
Recording Entries for Equity Investment, Record the entries in 2020 assuming that Allen Corporation had significant influence over Towne Corporation.
Company A a manufacturing conglomerate, owns 85% of the voting interests of Company B, a financial services company. Company B owns 65% of the voting interests of Company C, an automobile leasing company. In Company A's consolidated financial stateme..
Baker Corporation applies manufactured overhead on the basis of direct labor hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $72,160 and 2,200 estimated direct labor ho..
Jennifer borrows 20,900 from her bank to open a flower shop. she agrees to repay in 18 months with simple annual interest of 10.4%. how much must she pay the bank in 18mos. how much of the amount in part (a) is interest
Kobie Company leased an equipment to a lessee on January 2, 2020. What is the total financial revenue to be recognized over the lease term?
fixing transfer pricing with and without idle capacity.the frames n more corporation has three divisions frames
On January 1, 2014, Tom Davis paid $24,000 for 240 shares, and Jenny Coleman paid $12,000 for 120 shares of Repro Company, Inc., common stock. Prepare general journal entries for each of the transactions. Post the journal entries to into t-accounts. ..
It costs $16 to place and ship each order and $8.90 per year. How many orders will be placed each year? Round the answer to the whole number.
On June 30, 2014, Freeman Company’s total current assets were $496,500 and its total current liabilities were $274,500. On July 1, 2014, Freeman issued a short-term note to a bank for $39,800 cash. Compute Freeman’s working capital before and after i..
A company is planning to purchase a machine that will cost $36,000, have a six-year life, and be depreciated over a three-year period with no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. ..
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