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Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation):
Asset
Adjusted Basis
FMV
Cash
$?35,000
Accounts receivable
?? 25,000
??25,000
Inventory
?180,000
? 210,000
Land
? 125,000
? 120,000
Totals
$365,000
$390,000
Lockhart's business income for the year was $65,000 (this would have been its taxable income if it were a C corporation).
The annual interest rate on the mortgage payable was 7.75 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. What should the correct adjusting entry b..
Paul and Ray agree that some of the inventory is obsolete. The inventory account is decreased before Janet is admitted. Janet invests $190,000 for a one-fourth interest.
assume that youve just inherited 350000 and have decided to invest a big chunk of it in common stocks. your objective
Determine the total cash dividends and dividends per share paid to the preferred and common stockholders during each of the three years.
The bonus was awarded at the December board meeting based on Vera's threat to accept a better paying job with a competitior. What amount may Brunettes deduct?
In 2002, Gordon purchased real estate for $900,000 and listed title to the property as "Gordon and Fawn,joint tenants with right of surviorship." Gordon predeceases Fawn in 2009 when the real estate is worth $2.9 million. Gordon and Fawn are husba..
Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2010, 2011, and 2012.
Amy is the sole shareholder of Garnet Corporation. During the year, Amy leases a building to Garnet for a monthly rental of $40,000. If the fair rental value of the building is $30,000, what are the income tax consequences to the parties involved?
Why is data security important now more than ever? What are some of the steps that we can take to ensure that our database is protected and secure? How can you use user views to enhance security and restrict access?
Which of the following statements is true regarding an intercompany sale of land?
Valdivieso Roofing is considering the purchase of a crane that would cost $137,885, would have a useful life of 9 years, and would have no salvage value. The use of the crane would result in labor savings of $23,000 per year. The internal rate of ..
The first payment for interest and principal was made on September 1, 2011. At December 31, 2011, Lowe should record accrued interest payable of
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