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Clifford Company's comparative balance sheet included dividends payable of $80,000 at December 31, 2009, and $100,000 at December 21, 2010. Dividends declared by Clliford during 2010 amounted to $400,000.
1) Caluculate the amount of dividends actually paid to stockholders during 2010.
2) How will clifford report the dividend payments on its 2010 statement of cash flow?
Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.
Give the necessary entries for 2011 assuming all payments after the initial payment are made on December 31.
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person is considering buying the stock of two home health companies that are similar in all respects except the proportion of earnings paid out in dividends.
Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
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Mary and Jane, unrelated taxpayers, hold Gray Corporation's stock equally. One year before the complete liquidation of Gray, Mary transfers land (basis of $600,000, fair market value of $180,000) to Gray Corporation as a contribution to capital.
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