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On January 1, 2012, Alison, Inc., paid $95,200 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $245,000 and liabilities of $75,500. A patent held by Holister having a $12,600 book value was actually worth $53,100. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2012, Holister earned income of $54,700 and paid dividends of $18,000. In 2013, it had income of $61,200 and dividends of $23,000. During 2013, the fair value of Allison's investment in Holister had risen from $109,880 to $113,460. a. Assuming Alison uses the equity method, what balance should appear in the Investment in Holister account as of December 31, 2013? Investment in Holister $ b. Assuming Alison uses the fair-value option, what income from the investment in Holister should be reported for 2013? Investment income $
What is the difference between a tariff and a quota? What is the impact of a trade surplus?
Which of the following is NOT a legal restriction related to profit distributions by a corporation?
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?
Wilson's Meats has computed its fixed costs to be $.60 for every pound of meat it can sell given an average daily sales level of 500 pounds. It charges $3.89 per pound of top-grade ground beef. The variable cost per pound is $2.99. What is the con..
Why is the budget a far more important document in both governments and not-for-profits than in businesses?
On its December 31, 2010, balance sheet, Trump Co. reported its investment in available-for-sale securities, which had cost $600,000, at fair value of $550,000. At December 31, 2011, the fair value of the securities was $585,000. What should Trump..
Brannon company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan consists of 20 separate parts totaling $95 in direct materials, and requires 2.5 hours of machine time produce. What is the cost of machining per..
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
Venture Company acquired patent rights on January 3, 2005, for$661,500. The patent has a useful life equal to its legal life of 15 years. On January 5, 2008, Venture successfully defended the patent in a lawsuit at a cost of $105,000.
Use a two-step binomial tree to calculate the value of a derivative that pays off max[(30-ST), 0]2 , where ST is the stock price in 4 months. If the derivative is American-style, should it be exercised early?
Decide if either of these actions is warranted in your particular case and state why you think that way.
The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income tax withheld from his earnings was $1,375.17. What is the amount of the employer's..
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