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On January 1, 2009 M company granted 90,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2011 and expire on January 1, 2015. Each option can be exercised to acquire one share of $1 par common stock for $12. An option-pricing model estimates the fair value for the options to be $5 on the date of grant. What amount should M recognize as compensation expense for 2009?
If the bonds bear interest at 12%, which is paid semiannually on January 1 and July 1, what is the total cost to be debited to the investment account?
Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006
Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?
Compute the acquisition cost of the equipment and prepare the journal entry to record the purchase.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will inc..
Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Orton's capital balan..
What accounting standard provides the authoritative guidance for asset impairments? Briefly discuss the scope of the standard (i.e., explain the types of transaction to which the standard applies).
At the beginning of 2007, Emily Corporation issued 10,000 shares of $100 par, 5%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred shareholders. What amount of dividends will a shareholder owning 100 shares ..
Brittle Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the third quarter of the current year.
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