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1) In 2013, company A sold inventory costing $100 to its fully-owned subsidiary company B for $150. The entire inventory remains with company B at the end of 2013. What journal entry should be recorded (*G) at the beginning of 2014 to eliminate the gain from intra-entity transaction? (assuming that the parent uses the equity method).
2) From the above question, what if only half of the inventory from the intra-entity transaction remain with company B at the end of 2013?
A piece of equipment purchased on January 1, 2011, for $16,000 was estimated to have a residual value of $4,000 at the end of its three-year useful life. If the equipment was depreciated using the straight-line method and disposed of on December 3..
Under the completed contract method, how much should the company recognize as gross profit for 1993?
On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per shar..
Compute the noncontrolling interest in the subsidiary's net income for 2013.
The total manufacturing costs added to production during the period is $110,000. The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end ..
Determine what type of lease this would be for the lessee and calculate the initial obligation and prepare Allen, Inc.'s amortization schedule for the lease terms.
baucom company accepted credit cards in payment for 6850 of merchandise sold during march 2012. the credit card company
what are the major staffing policies that global organizations must consider? how must an organization choose among
aunt darla has agreed to deposit a lump sum into an account that pays 12 interest compounded annually in order to pay
Merchandise subject to terms 1/10 n/30, FOB shipping point, is sold on account to a customer for $18,000. The seller paid transportation cost pf $1000 and issued a credit memorandum for $5,000 prior to payment. What is the amount of the cash disco..
The lease also specified that, along with the last payment, Grommit could purchase the asset for $8,000 cash. Under this lease agreement, Grommit will be required to pay annual payments of:
This would mean that in year six, the cash flow would be $800,000. However, it is also projected for Project B that in years three and four there will be an additional capital outlay of $100,000 for each year. Compute the NPV, IRR, Payback for bot..
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