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Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $10 and is convertible into four shares of common stock. Knight did not own any of Stoop's preferred stock. Stoop also had 600 bonds outstanding, each of which is convertible into ten shares of common stock. Stoop's annual after-tax interest expense for the bonds was $22,000. Knight did not own any of Stoop's bonds. Stoop reported income of $300,000 for 2011. What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?
(a) Prepare the journal entries to record the above stock transactions.
if fixed costs are 490000 the unit selling price is 35 and the unit variable costs are 20 what is the break-even sales
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Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier.
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