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Grant, Inc. had 40,000 shares of treasury stock ($10 par value) at December 31, 2010, which it acquired at $11 per share. On June 4, 2011, Grant issued 20,000 treasury shares to employees who exercised options under Grant's employee stock option plan. The market value per share was $13 at December 31, 2010, $15 at June 4, 2011, and $18 at December 31, 2011. The stock options had been granted for $12 per share. The cost method is used. What is the balance of the treasury stock on Grant's balance sheet at December 31, 2011?
On April 3, 2008, Mark filed his 2007 income tax return, which showed a tax due of $80000. On June 1, 2010, he filed an amended return for 2007 that showed an additional tax of $10000. Mark paid the additional amount. On May 18, 2011, Mark filed a..
Your local government created an agency to serve the local community in providing low income housing. That housing agency, called the Local Housing Board, is a tax exempt agency of local government and was created to receive federal funds for hous..
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences.
What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files: Direct labor cost incurred during the period amounted to 2.5 times the factory overh..
There were 7,500 units in the department's beginning work in process inventory, two thirds complete with respect to conversion costs. During March, 52,500 units were started and 50,000 were completed and transferred out of the department. The endi..
There are situations wherein a company faces a potential liability, but is not certain of all of the details associated with such potential liabilities.
On July 1, 2007, Risen Co. issued 1500 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2007 and mature on April 1, 2017. Interest is payable semiannually on April 1 and October 1. What total amount of cash did Ri..
October Corporation reported net income of $46,000 in 2012. Depreciation expense was $17,000 and unrealized holding losses on temporary investments (FV-NI) were $3,000. The following accounts changed as indicated in 2012:
Pisa, Inc. uses the straight-line method to depreciate similar assets. What is the amount of depreciation expense recorded by Pisa, Inc. in the first year of the asset's life?
Basically, the Estate tax and the Gift tax are a combined system, and are linked together. The question is why? Why does the tax law set up a "unified" system that combines gifts with the estate and has a combined tax that totals estate plus all l..
The Audit Report and Internal Control Evaluation. This paper should be posted as a Microsoft Word attachment in the Assignment Section and should adhere to APA formatting style.
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