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In 2011, Father sold land to Son for $150,000 cash and an installment note for $450,000 due in 2015. Father's basis was $240,000. In 2012, after paying $27,000 interest but nothing on the principal, Son sold the land for $600,000 cash. As a result of the second disposition, what gain must Father recognize in 2012?
What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?
What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements?
Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $116,000, $69,000, and $34,000, respectively.
A project will require an initial investment of $750,000 and will return $200,000 each year for five years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the com..
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
What is the difference between the auditor's approach in verifying sales returns and allowances and sales? Why is there a difference?
The Loebuck grocery sells milk. The grocer orders milk from a local farmer fro $13 per case and sells for $16 per case. Unsold cases are disposed for $1.5 per case, and each case of shortage causes $3.7 loss of profit.
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable an..
What would be the appropriate level of involvement of an accountant in evaluating and selecting an AIS vendor and the AIS itself? What are some of the contributions an accountant might offer in this process?
The PDQ Partnership earned ordinary income of $150,000 in 2012. The partnership has three equal partners, Pete, Donald, and Quint. Quint who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnershi..
Its unamortized cost on Royce's books was $400,000. In Klein's 2010 income statement, what amount should be reported as amortization expense?
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