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Kevin and Nicole form Indigo Corporation with the following transfers: inventory from Kevin (basis of $360,000 and fair market value of $400,000) and improved real estate from Nicole (basis of $320,000 and fair market value of $375,000). Nicole, an accountant, agrees to contribute her services (worth $25,000) in organizing Indigo. The corporation's stock is distributed equally to Kevin and Nicole. As a result of these transfers:
a. Indigo can deduct $25,000 as a business expense.
b. Nicole has a recognized gain of $55,000 on the transfer of the real estate.
c. Indigo has a basis of $360,000 in the inventory.
d. Indigo has a basis of $375,000 in the real estate.
e. None of the above.
On December 1, 2008, ABC Linens sold merchandise which costs $400 on account to the Green Hotel Co. for $600 with terms of 3/10, n/30. ABC Linens uses a perpetual inventory system. The journal entry to record this transaction on ABC Linens' books ..
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By using long term financial information and recording that information visually (sometimes) with graphs or portfolios, hospitals can keep track of how they are doing financially and make more realistic plans for future ventures? 50-100 words plea..
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
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In 1991, Barbara purchased a single life annuity for $250,000 that would pay her $25,000 per year for life beginning in 2002. Barbara's life expectancy from 2002 forward on which the payments were based is 25 years.
How would the company's aftertax cash inflow be affected if (a)it donated the land or (b) it sold the land for $110,000? How would its net income be affected?
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