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As a long-term investment at the beginning of the fiscal year, Florists International purchased 30% of Nursery Supplies Inc.'s 8 million shares for $40 million. The fair value and book value of the shares were the same at that time. The company realizes that this investment typically would be accounted for under the equity method, but instead chooses the fair value option. During the year, Nursery Supplies earned net income of $50 million and distributed cash dividends of $1.25 per share. At the end of the year, the fair value of the shares is $35 million.
Prepare all appropriate journal entries related to the investment during 2013. (If no entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).)
Assume that the excerpts from the Powers Report shown in Exhibit 3 provide accurate descriptions of Andersen's involvement in Enron's accounting and financial reporting decisions. Given this assumption, do you believe that Andersen's involvement in t..
now that operations for outdoor clinics and team events are running smoothly suzie thinks of another area for business
ceiling fans by ikes overhead budget for 2009 was as follows factory supervision 300000 utilities costs 150000
The firm's required return (rs) is 12.0%. What is the best estimate of the current stock price? please show your calculation.
The dash club of tampa, florida,collected receipes from memebers and published a cookbook entitled life of the party.the book will sell for $25 per copy.the chairwoman of the cookbook development committee estimated that the club needed to sell 10..
Prepare an income statement for this current year using the variable costing income statement.
ameen company purchased a building for 36 million. ameen uses straight-line depreciation for financial statement
Multiple Choice Questions (Enter your answers on the enclosed answer sheet) Anytime an owner removes any asset for personal use it is recorded as:
Paula is planning to either purchase or lease a $50,000 automobile.
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements?
Discuss how the nature of the necessary internal control features is affected by switching from a manual system to (1) a large-scale computer-based accounting system or (2) a PC-based accounting system.
gray has a current capital structure consisting of 400000 of 12 annual interest debt and 50000 shares of common stock.
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