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Rental Co. exchanged 400 shares of Wood Co. common stock, which Rental was holding as an investment, for equipment from Paw Co. The Wood Co common stock, which had been purchased by Rental Co for $50 per share, had a quoted market value of $58 per share at the date of exchange. The equipment had a recorded amount on Paw's books of $21,000. What journal entry should Rental make to record this exchange?
a local retail store hires sales associates to sell laptop computers. create two specific outcomes and behaviors that
Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
explain why a lump sum government transfer can entice some workers to stop working and entices no one to start working
in the audit of price seed company for the year ended september 30 the auditor set a tolerable misstatement of 50000 at
The basis of the land in the corporation's hands is $68,000. What are the consequences to the corporation and the shareholders as a result of this distribution?
on 1 july 2010 anderson ltd acquires 70 percent of the equity capital of arthur ltd at a cost of 4 million. at the date
looking at the various reports an auditor can issue discuss the auditor s responsibility potential liability and
jonathan macintosh is a highly successful pennsylvania orchardman who has formed his own company to produce and package
A fixed asset has a cost of $12,000 and a salvage value of $3,000. The asset has a three-year life. If depreciation in the third year amounted to $1,500, which depreciation method was used?
Dividends declared and paid during Feb were $12,000. Calculate the retained earnings balance at Feb. 28. 2010.
carver test systems manufactures automated test systems that perform quality inspections during and at the completion
markus inc. produces a specialized machine part used in forklifts. for last years operations the following data were
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