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WhaleCo aquired all of the common stock of MinnowCo early in Year 1, for $500,000 and MinnowCo immediately elected to join WhaleCo's consolidated federal income tax return. As part of the takeover, WhaleCo also acquired $800,000 of MinnowCo bonds. The results of MinnowCo for the first few years of the group operations were reported as follows.Tax Year Operating Gain/(Loss) Stock basis1 $100,0002 (400,000)3 (300,000)WhaleCo has determined that it will sell all of its MinnowCo stock at the end of the year 3 for $250,000. Taking into account the rules regarding excess loss accounts, determine WhaleCo's gain/loss from its sale of the MinnowCo stock.
isaac inc. uses straight-line depreciation for its equipment with an estimated useful life of 10 years and zero
Provide the URL of the video or article for full credit.
last month when harrision creations sold 40000 units total sales was 300000 total variable expenses were 240000 and
journalize the entries to record the forgoing transactions. 1. indicate the amount of the interest expense in a 2014
1 on january 1 2013 nana company paid 100000 for 6200 shares of papa company common stock. these securities were
Sunrise Coffee estimated depreciation for office equipment as $100. The adjusting entry would include:
bradley companys required rate of return is 14. the company has an opportunity to be the exclusive distributor of a
Publicly traded companies are required to report earnings per share data on the face of the income statement. compare and contrast basic earnings per share with diluted earnings per share for each of the following:
farber corp. a distributor of her-based sunscreen is ready to begin its 3-quarter in which peak sales occur. the
Prepare schedules of accounts receivable, accounts payable, and inventory as at 30 April 2012, and reconcile these with the control accounts in the general ledger.
robertson corporations inventory balance was 22000 at the beginning of the year and 20000 at the end. the inventory
the cash account in the general ledger of lyco corporation showed a balance of 21749 at december 31.the companys bank
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