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On january 1, 2011, the travis corporation purchased a 22% in scott company by procuring 5000 shares of the 25,000 outstanding shares of common stock. the acquisition price was $32.50 a share. on the date of this procurement, scott companys net assets were defined as the following: Non-depreciated current assets book value 65,000 fair value 73,000 difference 8,000 Depreciable assets book vaule 163,000 fair value 251,000 difference 15,000. Total asstes book value 228,000 fair value 251,000 difference 23,000. total liabilities book and fair value 90,000. During 2011 scott company had earned income of 76,000 and paid dividends of 16,000. the depreciated items have a useful life of 5 years remaining and no residual value.Prepare all the necessary jouranl entries on Travis's books to record the acquistion and the events subsequent to the inital investments.
Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011.
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The present value of a $1,200,000 note payable in three equal annual installments of $400,000 at a 10% rate of interest is $994,800. What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest me..
Plum's basis in the computers is $70,000, and their fair market value is $250,000. What is Plum's deduction for the contribution of the computers (ignoring the taxable income limitation)?
mercury bag company produces cases of grocery bags. the managers at mercury are trying to develop budgets for the
if inventory costs are rising which method fifo lifo or weighted average cost results in the highest net income? which
The following data relate to direct materials costs for November: Actual costs 4,600 pounds at $5.50 Standard costs 4,500 pounds at $6.00 What is the direct materials quantity variance?
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