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Rachael and Ray form an equal partnership R&R on January 1, 20X1. Rachael contributes $100,000 in exchange for her one-half interest; Ray contributes land worth $100,000. Rays adjusted basis in the land is $30,000. Which of the following statements is accurate with respect to this exchange?
a. Neither Rachael, Ray, nor R&R recognize any gain or loss on the transfer.
b. Ray recognizes $70,000 gain on the transfer.
c. R&R recognizes $70,000 gain on the transfer.
d. b. and c.
Bentz Corporation bought and sold several securities during 2006. Listed below is a summary of the transactions. Prepare the journal entries for the above transactions. Show calculations.
Hamilton Tool and Die Company purchased $72,000 of equipment with an estimated service life of 4 years. The equipment will be worth $4,000 at the end of its life. The annual amount of depreciation on this equipment is:
As you discuss the tax-free sale with Emily and Richard, you present several accounting methods for the acquisition-cost basis, equity basis, or consolidated basis. In your presentation, include the following information:
What are the major classifications of inventory? Why would someone choose to use a perpetual over a period inventory system, or vice versa?
Compute the EUP for direct material, direct labor, and overhead using weighted average process costing. Compute the EUP for direct material, direct labor, and overhead using FIFO process costing.
Some companies implement systems to reduce defects in finished products with the goal of achieving zero defects. What are these systems called?
Record the journal entries on Spiniflex Pigeon's books for 2005. Record the journal entries on Waterhole's books for 2005. Record the consolidation working paper elimination entries for the year ended December 31, 2005.
Coca cola Amatil conducted a campaign against Australia's adoption of IFRSs in 2004. The company lobbied against requirments that meant coca cola Amatil's balance sheet values would have to be written down by as much as $ 1.9 billion.
Stone Co. owns 3,000 of the 10,000 outstanding shares of Maye Corp. common stock. During 2007, Maye earns $180,000 and pays cash dividends of $50,000. Stone should report investment revenue for 2007 of
Gardner Corporation purchased a truck at the beginning of 2010 for $75,000. The truck is estimated to have a salvage value of $3,000 and a useful life of 120,000 miles. It was driven 18,000 miles in 2010 and 32,000 miles in 2011. What is the depre..
Assuming no impairment in value prior to transfer, assets transferred by a parent company to another entity it has created should be recorded by the newly created entity at the assets:
Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
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