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On January 1, 2006, Goll Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, 2016, but were callable at 101 any time after December 31, 2009. Interest was payable semiannually on July 1 and January 1. On July 1, 2011, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2011 on this early extinguishment of debt was:
a) $30,000 gain.
b) $12,000 gain.
c) $10,000 loss.
d) $8,000 gain.
Why has the IRS relaxed enforcing the "fringe benefit" restrictions on De Minimis fringe benefits?
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour. Tjhe following information pertains to Job A-200.
Audit working papers are an integral part of an examination in accordance with generally accepted auditing standards. a) Describe three major functions of the audit working papers. b) Distinguish between the permanent working paper file and the curre..
For its 2010 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2010.
Describe the process of selecting and evaluating a sample. Why is sampling important to business? Are there situations in business where sampling would not be effective?
The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to:
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
Prepare a forecasted contribution margin income statement for 2012 that shows the expected results with the machine installed. Assume that the unit sales price and the number of units sold will not change, and no income tax will be due.
After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in the final liquidation?
Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at:
Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
What are the tax consequences to each of the parties as a result of the formation of the partnership, the sale of the property, and the liquidation of the partnership?
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