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In year 1, Maxim sold investment land with a tax basis of $77,000. Payment consisted of $10,000 cash down and the purchaser's note for $90,000. The note is payable in equal installments of $45,000 in years 2 and 3.
a. Compute Maxim's realized gain on the sale of the land.
b. Compute Maxim's gross profit percentage on the sale of the land under the installment sale method.
c. Compute Maxim's recognized gain under the installment sale method in years 1, 2, and 3.
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On May 12th, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current fair-market price of $73. Journalize this transaction. On April 30th, 2010, Arlington Company issued $1,500,000 of 10-year, 8% bonds (face value ..
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what does the term consolidation process mean? What is the purpose of a worksheet during the consolidation process?
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