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Assume that you are Jolee Company's accountant. Company owner Mary Jolee has reviewed the 2013 financial statements you prepared and questions the $ 6,000 loss reported on the sale of its investment in Kemper Co. common stock. Jolee acquired 50,000 shares of Kemper's common stock on December 31, 2011, at a cost of $ 500,000. This stock purchase represented a 40% interest in Kemper. The 2012 income statement reported that earnings from all investments were $ 126,000. On January 3, 2013, Jolee Company sold the Kemper stock for $ 575,000. Kemper did not pay any dividends during 2012 but reported a net income of $ 202,500 for that year. Mary Jolee believes that because the Kemper stock purchase price was $ 500,000 and was sold for $ 575,000, the 2013 income statement should report a $ 75,000 gain on the sale. Required: Draft a one half page memorandum to Mary Jolee explaining why the $ 6,000 loss on sale of Kemper stock is correctly reported.
the red white amp blue partnership was begun with investments by the partners as follows red 129000 white 159000 and
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Faruga Company was late in paying its state unemployment contributions of 4.0%. If the company had taxable wages (FUTA & SUTA) during the year of $315680, what would be its net FUTA tax for the year?
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Compute the pension expense recognized in 2011. Assume the prior service cost is amortized over the average remaining service life of the employees.
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Calculate the amount of interest that Mason should capitalize in 2013 and 2014 using the weighted-average method. (Do not round your intermediate calculations. Enter your answers in whole dollars.)
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
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