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Bowerbird Corporation purchased a 70% interest in Stage Corporation on June 1, 2006 at a purchase price of $390,400. On this date, Stage's book values were equal to its fair values except for an unrecorded copyright, and its stockholders' equity consisted of $290,000 of Common Stock and $210,000 of Retained Earnings. All cost-book differentials were attributed to the copyright, which had an estimated economic life of ten years.
During 2006, Stage earned $120,000 of net income earned uniformly throughout the year and paid $6,000 of dividends on March 1 and another $6,000 on September 1.
Minority interest income for 2006 is:
$36,000
$32,400
$61,200
$50,000
Nance Company owns 30% interest in the stock of Finley Corporation. During the year, Finley pays $25,000 in dividends to Nance, and reports $100,000 in net income. Nance Company's investment in Finley will increase by
Immediately after the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?
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Which of the following would NOT require an explanatory paragraph in the auditor's report?
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The cash register tape for Leprechaun Industries reported sales of $7,783.12. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceeds cash on hand by $52.60.
The bank statement dated May 31, 2011, showed bank service charges of $38. All checks written by the company had been processed by the ank by May 31 and were listed on the bank statement except for checks totaling $1,890.0 Prepare a bank reconcili..
What is Richards Corporation"s charitable contribution deduction for the current year?
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repayments of long-term borrowings of $3.5 million, interest payments of $780,000, repurchase of treasury shares of $500,000 and cash dividends declared of $1.1 million. Net cash flow from financing activities equals.
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