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Two years ago, Corporation Z, a 10 percent partner in XYZ Partnership, borrowed $150,000 from the partnership in an arm's length transaction. Corporation Z gave the partnership a properly executed note stipulating that it would repay the loan at the end of three years and that it would pay the partnership 9 percent interest each year on the outstanding principal balance. During the current year, Corporation Z decided to withdraw from the partnership. Both Z and the other partners agreed that the fair market value of Z's capital account was $150,000 and that the partnership would liquidate this interest by distributing Z's own note back to the corporation. On the date of the liquidating distribution, Z's outside basis in its 10% interest in XYZ was $116,000.
Issue: What are the consequences of this transaction to Corporation Z and the XYZ Partnership? What are the Law implications in this analysis? Which conclusions did you arrive at?
Banks are not the only financial intermediary from which corporations can obtain financing. What are the other intermediaries? How much financing do they supply, relative to banks, in the United Kingdom, Germany, and Japan?
what is the impact of goodwill in explaining the difference in Nokia's net income and shareholders' equity under IFRS versus US GAAP?
Product-cost cross- subsidization is less likely to occur when: a) a single cost pool is used b) little effort is mae to trace cost objects c) a peanut butter approach is used to allocate overhead d) none of the above
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $24 per unit. Variable costs are $10.80 per unit, and fixed costs total $174,000 per year.
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
Review the financials and the notes to the statements. Briefly report to the class what you found interesting.
Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2011 relative to its investment in Jill?
On June 1 capian company borrows $90,000 from first bank on a 6 month $90,000, 12% note. Prepare the entry for june 1; prepare the adjusting entry for june 30; prepare the entry at maturity (december1), assuming monthly adjustment entries have bee..
Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.
Assume that the company computes variances at the earliest point in time. Taylor's direct-material price variance was:
What amount of unrelaized gross profit must Panner defer in reporting this investment using the equity method?
At what amount should the equipment (net of depreciation) be included on the consolidated balance sheet dated December 31, 2009?
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