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Landon Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.
Instructions
(a) Give the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)
(b) Give the entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a market value of $25 per share.
Prepare the journal entry to recognize the income tax benefit of the operating loss. Airparts elects the carryback option.
Protecting the security and integrity of accounting data is part of the controller's responsibility. Because of the integration with the computer system.
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
Paxel owns 80% of Saxel's outstanding common stock. For 2009, Saxel reported $60,000 of net income and declared dividends of $10,000. What amount appears in Paxel's 2009 income statement if Paxel accounts for its investment using the equity method..
If the stock is sold for $20 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities?
If a partner has a basis of $20,000 and receives a property distribution with a fair market value of $100,000 and a net book value of $30,000, why doesn't the partner have a taxable gain?
What is a balanced scorecard? How can it help you manage a company? Are there any advantages to using one?
Richard exchanges a building with a FMV of $75,000, a basis of $35,000, and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill. What is the amount of Richard's realized gain?
Security A has an expected rate of return of 6%, as standard deviation of returns of 30%, a correlation coefficient with the market of -0.25, and a beta coefficient of -0.5. Security B has an expected return of 11%, a standard deviation of returns..
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
In a recently administered IQ test, the scores were distributed normally, with mean 100 and standard deviation 15. What portion of the test takers scored between 70 and 130?
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
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