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Ludwig, Inc., which owes Giffin Co. $800,000in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to acceptfrom Ludwig land having a fair market value of $610,000 and a recorded cost of $450,000.
Instructions:
(a) Compute the amount of gain or loss to Ludwig, Inc. on the transfer (disposition) of the land.
(b) Compute the amount of gain or loss to Ludwig, Inc. on the settlement of the debt.
(c) Prepare thejournal entry onLudwig *s books to record the settlement of this debt.
(d) Compute the gain or loss to Giffin Co. from settlement of its receivable from Ludwig.
(e) Prepare the journal entry onGiffin's books to record the settlement of this receivable.
A manufacturing company prepays its insurance coverage for a three-year period. The premium for three years is $2,700 and is paid at the beginning of the first year. 80% of the premium applies to the factory and 20% applies to administrative. What..
In the same year Nectar sold land costing $50,000 to Lorikeet for $30,000. On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What will be the gain reported on the consolidated income statement for 2005?
If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during April or increase the selling or administrative expenses.
1) List and explain three advantages to leasing for a lessee. 2) List and explain two disadvantages to leasing for a lessee.
How do you determine the tax character of a recognized gain or loss? Would you rather have a realized gain or loss or a recognized gain or loss?
Statistical sampling should always be used in tests of general controls, such as inspecting logs that document program changes, were the auditor wants to review the entire population but uses sampling to choose specific items to investigate a samp..
Gould Machinery builds bulldozers. Prior to this year, it sold a substantial amount of equipment to Mace Contractors on credit. Mace recently went into bankruptcy. To protect its investment, Gould took over Mace.
Net income was $ 61,000 for the year. The accumulated depreciation balance increased by $14,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirect method, the cash flow from o..
What is an unasserted claim and why would an attorney and/or client be reluctant to disclose an unasserted claim in the financial statements.
Which category completely excludes equity securities?
Last year, Twins Company reported $750,000 in sales (25,000 units) and a net operating income of $25,000. At the break-even point, the company's total contribution margin equals $500,000. Based on this information, the company's:
What are the advantages of the four different special journals? When would you use each type? What is a subsidiary ledger and what purpose does it serve?
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