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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
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
Despite operating at capacity, however, last year's performance was a great disappointment to the managers. In total, 10 jobs were accepted and completed, incurring the following total costs:
Determine if you should open the retail shop in this vacant space. Include the break-even transactions, CM%, and the break-even dollar amount. Explain your answer (include rationale if your answer is yes or no).
How should Power Station account for the lease of the turbines from Energy Corporation? Please cite specific references in Codification. Be specific in your response and include rationale.
John has been offered a job in New York City at a salary of $50,000 per year. Currently, John lives and works in the Midwest at a salary of $35,000 per year.
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed ina..
The return on MBS is independent of the default rate on the underlying mortgages. True or false and why?
The Isberg Company just paid a dividend of $0.80 per share, and that dividend is expected to grow at a constant rate of 6.00% per year in the future. The company's beta is 1.25, the market risk premium is 5.00%, and the risk-free rate is 4.00%. Wh..
Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost:
MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its ..
Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.
Consider the solving of applied interest problems that you read about this week. Now, apply your knowledge of these models to a practical problem.
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