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Shannon Co. owned all of the voting common stock of Chain Corp. The corporations' balance sheets dated December 31, 2005, include the following balances for land: for Shannon--$416,000, and for Chain--$256,000. On the original date of acquisition, the book value of Chain's land was equal to its fair market value. On April 4, 2006, Shannon sold to Chain a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
On January 1, 2010, the Fastor Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2010, the company earned net incom
The fair market value of the two securities were $15,000 (AFS) and $10,000 (trading), respectively. What should Trump report on its 2012 income statement as a result of the
Samantha owned 1,000 shares in Evita, Inc., an S corporation that uses the calendar year. On October 11, 2010 Samantha sells all of her Evita stock. Her basis at the beginni
On October 1, 2011, $2,500,000 of these bonds were converted into 35,000 shares of $15 par common stock. Accrued interest was paid in cash at the time of conversion.
Describe the business environment in the industry, and the business strategy chosen by your company and the competitor. Consider the degree of competition from existing co
Burden Inc. is considering these two alternatives to finance its construction of a new $2 million plant: (a) Issuance of 200,000 shares of common stock at the market price of
Is there an automatic right to appeal to the U.S. Supreme Court? If so, what is the process?- Where can you locate a published decision of the U.S. Court of Federal Claims?
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial stat
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