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Wilson owned equipment with an estimated life of 10 years when it was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2010. On January 1, 2010, Wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. On April 1, 2010 Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Simon's income and dividends:
2010 2011 2012
Net income 100000 120000 130000
Dividends 40000 50000 60000 -Compute the amortization of gain through a depreciation adjustment for 2010 for consolidation purposes.
-Compute the gain on transfer of equipment reported by wilson for 2010.
in the current year stephanie formed an equal partnership with jane. stephanie contributed land with an adjusted basis
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Fifteen months later, he sells it to Faye for its fair market value of 39,000. Determine Iva's recognized loss, Joshua's recognized gain or loss, and Faye's adjusted basis for the stock.
the company is large, she is only requisitioning a small amount of material compared to total company operations and she does have documentation of the cost.
you have decided to purchase a car. you have found a clean used car that will cost you 8500. you can finance your
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