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Crane Company received $147000 in cash and a used computer with a fair value of $357000 from Wildhorse Co. for Crane Company's existing computer having a fair value of $504000 and an undepreciated cost of $472800recorded on its books. The transaction has no commercial substance.
How much gain should Crane recognize on this exchange, and at what amount should the acquired computer be recorded, respectively?
Compute the cost per equivalent unit for materials and conversion for the Mixing Department in December.
Sue Krebs is the sole owner and operator of Immigrant Relocator Services. As of the end of its accounting period, December 31, 2005, Immigrant Relocator Services has assets of $925,000 and liabilities of $285,000. What is the amount of net income dur..
What is the current value of operations for Dozier? Suppose Dozier has $10 million in marketable securities, $100 million in debt, and 10 million shares of stock. What is the intrinsic price per share?
A drill press with a cost basis of $55,000 is a 7-year MACRS property. Calculate ordinary gain when it is sold during the third year for $35,000. Round to the nearest integer.
Finding the changes of annual profits be increased or decreased - If the order is accepted, by how much will annual profits be increased or decreased?
Since a partnership does not necessarily have to create equal distributions of profits and losses to each partner, determine the best means to select the most equitable distribution, and select the method that you would use to allocate the partnershi..
One small business owner said that he had to teach his young employees what a "dial tone" was. Do you have phone aversion? Do you think it is possible to build a solid business relationship with customers using only text messaging, e-mail, and soci..
Established an enterprise called the STONE INTERIOR DECORATING COMPANY
Give the journal entry to record the dividend declaration on December 1, 2009. C. Show the journal entry to record payment of the dividend on January 15, 2010.
question bugaboo co. manufactures three kinds of cookies fluffs snaps and crinkles. the production process is
Portions of ARB No. 43 are still considered GAAP. Three of the most important issues covered inARB No. 43 are revenue recognition, treasury stock, and comparative financial statements. Find the appropriate sections of the FASB ASC, originally contain..
Jingie owns two parcels of business land (§ 1231 assets). One parcel can be sold at a loss of $60,000, and the other parcel can be sold at a gain of $70,000. Jingie has no nonrecaptured § 1231 losses from prior years.
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