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Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $10 and is convertible into four shares of common stock. Knight did not own any of Stoop's preferred stock. Stoop also had 600 bonds outstanding, each of which is convertible into ten shares of common stock. Stoop's annual after-tax interest expense for the bonds was $22,000. Knight did not own any of Stoop's bonds. Stoop reported income of $300,000 for 2011.
What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?
a) $300,000.
b) $240,000.
c) $257,600.
d) $322,000.
e) $201,250.
Could we use managerial accounting "tools" to assess the profitability of an organization other than a manufacturing business, or are the topics we are learning only related to manufacturing?
Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses?
On January 1, Pucket company paid 1.6 million for 50,000 shares of Harrison's voting common stock, which represents a 40 percent investment.
Comment on the following items relative to tax planning strategies of a fiduciary entity.
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