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Pepe, Incorporated acquired 60% of Devin company on January 1, 2009. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years. Devin reported net income of $300,0000 and $325,000 for 2009 and 2010, respectively. Pepe uses the equity method to account for its investment in Devin. What is the gain or loss on equipment reported by Devin for 2009?
a. $54,000 gain
b. $21,000 loss
c. $21,000 gain
d. $9,000 loss
e. $9,000 gain
Prepare the general journal entries for Korman Company for:(a) the 2010 adjusting entry.(b) the sale of the Thomas Corp. stock.(c) the purchase of the Werth Stores' stock.(d) the 2011 adjusting entry
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The following cost card was found in the Inventory ledger for part AAA. Direct Materials $600, 20 hours of Direct Labor at $20 per hour $400, manufacturing overhead is applied at $15 per direct labor hour, one third of the overhead is fixed the re..
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Rooney Inc. recently completed a 3-for-2 stock split. Prior to the split, its stock price was $90 per share. The firm's total market value was unchanged by the split.
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A tabular analysis of transactions made throughout August 2010 by Witten Company during its first month of operations
Stone Co. began operations in Year 1 and reported $225,000 in income before income taxes for the year. Stone's Year 1 tax depreciation exceeded its book depreciation by $25,000.
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