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Shannon Co. owned all of the voting common stock of Chain Corp. The corporations' balance sheets dated December 31, 2005, include the following balances for land: for Shannon--$416,000, and for Chain--$256,000. On the original date of acquisition, the book value of Chain's land was equal to its fair market value. On April 4, 2006, Shannon sold to Chain a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
a) $672,000
b) $690,000
c) $755,000
d) $737,000
Gold Company was experience financial difficulties, but was not bankrupt or insolvent. The National Bank which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000.
Denise's estate received the interest and dividends on the payment dates. What should be included in Denise's gross estate?
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Write an analysis about test of liquidity that compare Best buy to Radio Shack and Conn's.
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