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Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is ??
Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to the construction are:
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
When a company amends a pension plan, for accounting purposes, prior service costs should be:
The Harvester Corporation issued 40 shares of $20 par value stock to its accountant. The shares are in full payment for her $900 fee for assistance in setting up the new company. The entry to record the issuance of the stock would include a:
Which of the following would be included in cash flows from financing activities?
What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method?
if a loss contingency is probably or estimable but not both, what should we consider next? What must we disclose to the readers of the financial statements?
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
As a financial adviser to individual investors, your boss has asked you to write a memo to him analyzing a choice of two bonds for a client seeking to invest $350,000.
Piper's income before depreciation, before income taxes, and before the cummulative effect of the accounting change (if any), for the year ended december 31, 2011, is $250,000. The income tax rate for 2011, as well as for the years.
A violation of the profession's ethical standards most likely would have occurred when a CPA:
a. Journalize the entries required to complete the closing of the accounts. b. Determine the amount of Retained Earnings at the end of the period.
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