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Landon Corporation was organized on January 2, 2008, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2009 to $125,320 and to $145,480 during 2010. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Prepare a statement of retained earnings for the year ended December 31, 2010.
A company issues 5% stock dividends, 15,000 shares, $2.00 par value, initially stock was $12, but current trading value is $20, what are the journal entries?
Anil, a single taxpayer, acquired 100 shares of Section 1244 stock in 2003 for $200,000. In 2010, Anil sold all of the shares to William for $50,000. How should Anil treat the loss?
Evaluate whether the Dodd-Frank legislation can prevent a financial crisis in the future. Provide your rationale.
What constitutes a pledge or contribution? When does a not-for-profit organization recognize pledge revenue and contribution revenue? How do contributions differ from exchanges?
How many pounds of apples should Rae's purchase in January? What is the cost in dollars for the required January purchase of apples? How many pounds of apples should Rae's purchase in February?
Schuss Inc. issued $3,000,000 of 10%, 10-year convertible bonds on June 1, 2010, at 98 plus accrued interest. The bonds were dated April 1, 2010, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-li..
Transfer title of their personal home to Barbara. They purchased the house in 1998 and their basis today is $400,000. The fair market value of the house is $500,000. The house is subject to a 25-year, $250,000 mortgage.
The three components of pension expense that are present most often are:
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.
Net income was $ 61,000 for the year. The accumulated depreciation balance increased by $14,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirect method, the cash flow from o..
The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made)?
Randolph's basis in RD is $37,000. What is Randolph's basis in the distributed inventory and land?
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