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Otto Corporation has the following trading portfolio of stock investments on December 31, 2009. Security A; Cost is $17,000 and Fair Value is $16,000; Security B; Cost is $22,000 and Fair Value is $26,000; Security C; Cost is $34,000 and Fair Value is $29,000.Instructions: prepare the adjusting entry for Otto Corporation on December 31, 2009 to report the portfolio at fair value.
On January 3, 2008, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. What was the balance in the investment account before the shares were sold?
The firm's ability to accelerate or delay investment projects, A strong preference by most shareholders in the economy for current cash income versus capital gains, constraints imposed by the firm's bond indenture
Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
Record the journal entries for each year using the % of completion method. Show the partial accounts on the December 31 balance sheet for each year. Show the January 1 to Dec 31 Income statement for each year.
For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. (For multiple debit/credit entries, list amounts from largest to smalest
When you request the additional information from the client, she tells you that she has no more documentation and that is all you can be given.
The Ambrosia Corporation's lead accountant shows the following information.
There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.
What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
Oxford Corporation began operations in 2012 and reported pretax financial income of $220,800 for the year. Oxford's tax depreciation exceeded its book depreciation by $36,800. Oxford's tax rate for 2012 and years thereafter is 30%.
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
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