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On April 1, 2003, Penny Corporation sells land to its 60%-owned subsidiary, Sahl Corporation, at a $15,000 gain. The land is still held by Sahl on December 31, 2003.
What is the effect of the intercompany sale of land on consolidated net income?A) Consolidated net income will be the same as it would have been had the sale not occurred.
B) Consolidated net income will be $15,000 less than it would have been had the sale not occurred.
C) Consolidated net income will be $9,000 less than it would have been had the sale not occurred.
D) Consolidated net income will be $15,000 greater than it would have been had the sale not occurred.
Make the journal entries to record the above three securities purchases. Make the journal entry for the security sale on May 20. Compute the unrealized gains or losses and prepare the adjusting entry for Arantxa on December 31, 2008.
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Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income:
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Stevenson Corporation acquires a one-year old building at a cost of $500,000 at the beginning of Year 2. The building has an estimated useful life of 50 years.
Mack: "Hi, I'm Mack. My best friend Peter Charles (aka: PC) and I have been best friends for 10 years. Both of us have an extensive background in computers. For years, our friends and family have encouraged us to go into business for ourselves as ..
Assume you're bearish on Stock Y and decide to sell short 100 shares at the current market price of $30 per share. You earn no interest on the funds in your margin account and the cost of borrowing shares is 0.25%.
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From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
A change from the straight-line method of depreciation to an accelerated method should be accounted for as a(n)
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Dean manufacturing is planning to construct expanded facilities and will finance a portion of its new plant with proceeds from the sale of its current plant.
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