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You have recently become the controller of precision corporation, a manufacturing enterprise that has begun a program of expansion through business combinations. on February 1, 2008, two weeks prior to your controller ship appointment, precision had completed the acquisition of 85% of the outstanding common stock of Sloan discussion with precision's interest in Sloan company's operating results. the chief accountant strongly support the cost method of accounting, offering the following arguments:
a. the cost method recognize the precision and salon are separate legal entities. b. the existence of 15% minority interest in Sloan requires emphasis on the legal separateness of the two companies. c.use of equity method of accounting might result in precision's declaring dividend to its shareholders out of "paper" retained earning that belong to sloan. prepare a rebuttal to each of the chief accountants argument.
The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2008. If Zenephia has an accounting period which ends on December 31, 2008, when would it most likely recognize interest revenue from the note?
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just to give you some guidelines on the extra credit budget assignment we talked about. there are two parts1. create a
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