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Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?
a) $375,000
b) $125,000
c) $300,000
d) $500,000
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Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
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Andy had AGI of $80,000 for 2011. He was injured in a rock-climbing accident and paid $5,200 for hospital expenses and $2,800 for doctor bills.
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Capitalized asset cost and first year depreciation, and identifying depreciation results that meet management objectives
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