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Several years ago, Southern Corporation purchased a fixed asset for $20 million. At 12-31-09, the carrying value (cost minus accumulated depreciation for financial reporting purposes) of the asset was $17 million and its tax basis (cost minus accumulated depreciation for tax purposes) was $12 million. On 12-31-10, the carrying value was $16 million and the tax basis was $9 million. There were no other temporary differences besides depreciation. Southern's pretax financial income was $25 million including $1 million in municipal bond interest. Southern is subject to a 20% tax rate.
(a) Prepare the journal entry to record Southern's tax expense for 2010.
(b) Calculate Southern's net after tax income for 2010.
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
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Teresa is a civil engineer who uses her automobile for business evenly throughout the year. Teresa drove her automobile a total of $22,650 miles evenly during 2011, of which 95% was business mileage.
General Products Company bought Special Products Division in 2010 and appropriately recorded 500,000 of goodwill related to the purchase.
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The Tivoli Company has no debt outstanding, and its financial position is given by the following data: What would the value of the firm be after this debt-for-stock restructuring of the firm is completed? What would be the price of Tivoli's stock aft..
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Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually.
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For what is cost-volume-profit (CVP) analysis used? What are some main underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis?
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