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Parker is a 100% shareholder of Johnson Corp. (an S corporation). At the beginning of 2010, Parker's basis in his Johnson Corpock was $14,000. During 2010, Parker loaned $20,000 to Johnson Corp. and Johnson Corp. reported a $25,000 ordinary business loss and no separately stated items. In 2011, Johnson Corp. reported $8,000 of ordinary business income.
a. How much of the $25,000 ordinary loss allocated to Parker clears the tax basis hurdle for deductibility in 2010?
b. What is Parker's stock and debt basis at the end of 2010?
c. What is Parker's stock and debt basis at the end of 2011?
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
The cash disbursements for selling and administrative expenses on the August selling and administrative expense budget should be?
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Boulter, Inc. began business on January 1, 2006. At the end of December 2006, Boulter had the following investments in equity securities:
Find what are the two methods of accounting for treasury stock and fill the journal entry to record the purchase of treasury stock by the cost method.
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Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
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Big Co. acquired 1,000 shares of voting stock in Little Co. for $100,000 cash. Little Co. currently has 10,000 shares of voting stock issued and outstanding. Little Co.'s shares are trading at $115 per share. Big Co. subsequently receives a divide..
The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
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