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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?
a) $672,000
b) $690,000
c) $755,000
d) $737,000
The hockory Cabinet and furniture Company makes chairs. The fixed cost per month of making chairs is $7,500, and the variable cot per chair is $40. Price is related to demand according to the following linear equation.
What is a stock repurchase? Describe the procedures a company follows when it make a distribution through a stock purchase.
In preparing consolidated financial statements, what amount of this debt should be eliminated?
Ending inventory at year-end costs in order are $494,400 with cost index 1.03, $569,250 with cost index 1.15, and $586,850 with cost index 1.21. Calculate Taylor's ending inventory for 2013, 2014, and 2015.
Many individuals believe that trade deficits are troubling economic condition which points out weakness in economy while trade surpluses are sign of strength and rising prominence for economy.
The manager of an operating department just received a cost report and he has made the following comment respect to the cost allocated from one of the service departments:
An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..
Pick a country of your choice that is experiencing population growth.(I picked Mexico City,Mexico;18,131,000 in 2007, r is 1.7% expected to double in 40 years (0.69/0.017=40.6) pop. growth rate 1.142%(2008 est) find the most recent population coun..
Please allocate the costs and advise, what is the taxable income for year 1 and 2, noting there are no other expenses outside the allocation of costs.
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
Many people say that a balance shows the financial position of an entity at a particular point in time. Explain "a particular point in time" and how does this differ from the income statement's time period coverage?
In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive losses, $80,000 of active business income, and $20,000 of portfolio income. How much of the passive loss may Cr..
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