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On April 1, 2014, Clark Company received a condemnation award of $375,000 cash as compensation for the forced sale of the company's land and building, which stood in the path of a new state highway. The land and building cost $50,000 and $350,000, respectively, when they were acquired. At April 1, 2014, the accumulated depreciation relating to the building amounted to $125,000. On August 1, 2014, Clark purchased a piece of replacement property for cash. The new land cost $70,000, and the new building cost $525,000.
Instructions
Prepare the journal entries to record the transactions on April 1 and August 1, 2014.
Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital acc..
Using least-squares regression, estimate the variable cost elements of monthly car wash costs.
Spock Corporation's unadjusted trial balance at Dec 31, 2007, included the following accounts. Spock Corporation estimates its bad debt expense to be 1.5% of net sales.
A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3.
There was no inventoryat the beginning of the year. What is the value of ending inventory, assuming the use of direct costing?
A check drawn by a depositor in payment of a voucher for $925 was recorded in the journal as $295. What entry is required in the depositor's accounts?
What issues should Marcia and Dave consider when formulating their divorce agreement? Solution: Marcia and Dave should consider the taxability of the transfer of the home to Marcia and the boat to Dave. That is, what are the tax consequences of a ..
What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
In addition, during the year they drove 109 miles for medical transportation, and their insurance company reimbursed them $900 for the above expenses. Calculate the Murphy's medical expense deduction.
Sherrod, Inc., reported pretax accounting income of $92 million for 2011. The following information relates to differences between pretax accounting income and taxable income:
What is the amount of under- or overapplied overhead at December 31? Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.
a. Compute Jim's overhead using the new product mix, profit, and contribution margins. b. How could expanding into a product line with higher contribution margin erode the firm's profit margin?
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