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John forms a corporation and transfers property having a basis to him of $18,000 and a fair market value of $26,000 to the corporation for 1,000 shares of $10 par stock. One year later, Hal transfers property having a basis to him of $2,500 and a fair market value of $3,500 for 100 shares of the stock. Hal is not related to John. The corporation issued no other stock.
a. How much gain does John recognize on his exchange? What is the basis to John of his 1,000 shares?
b. 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?
c. How much gain does Hal recognize on his exchange? What is the basis to Hal of his 100 shares?
So what is the effect of a bargain purchase option on accounting for a capital-lease transaction by a lessee?
Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B, especially the Consolidated Statements of Income and the Balance Sheets on pp. A4, A6, B1, & B2 of Financial Accounting.
What portion of consolidated retained earnings is assigned to the non-controlling interest in the consolidated balance sheet.
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share. Prepare the journal entries for these transactions, assuming that the common stock is on-par with a stated value of $2 per share.
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Conduct literature and internet research of sole proprietorships, partnerships, and corporations. Discuss the three business forms in terms of how they are formed, managed, and how they operate as business entities.
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Maas Enterprises has $2,190,000 of 6 percent bonds outstanding. There is $40,000 of unamortized discount remaining on the bonds after the March 1, 2011, semiannual interest payment.
Several years ago, Joy acquired a passive activity. Until 2006, the activity was profitable. Joy's at-risk amount at the beginning of 2006 was $250,000. The activity produced losses of $100,000 in 2006, $80,000 in 2007, and $90,000 in 2008. During..
Could a company lose to a competitor if they do not have real time online perpetual inventory records to provide answers to customers that are trying to place an order?
Nathan Company earns 11% on an investment that pays back $220,000 at the end of each of the next 5 years. Nathan's finance department has the following values related to the time value of money to help in its planning process and compounded intere..
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
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