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1. On January 1, 2009, Davis acquires 30% of the outstanding common stock of Erdman for $800,000. Davis has significant influence. At that date, Erdman had assets with a hook %%Lie m $5,000,000 and liabilities with a book value of $3,000,000. Erdman also had equipment with% book value of $200,000 and a fair value of $500,000, with a remaining useful life of 5 years.thi 2009 Erdman has net income of $200,000 and pays dividends of $80,000. What is amount oiequity income recorded by Davis in 2009 ?
2. Tolson Corp owns 40% of the voting common shares of Ramos Corp and has significant influence. In 2010, Tolson buys inventory costing $100,000 from third parties and then sells Ramos for $150,000. At the end of 2010, Ramos still has $60,000 inventory on hand. What amount of unrealized gross profit must Tolson defer in 2010. Show the required entry and amounts.
in 2011 carlos filed his 2010 state income tax return and paid taxes of 800. also in 2011 carloss employer withheld
1) What are the tax advantages and disadvantages of the C corporation form of doing business . List at least 2advantages and 2 disadvantages. Explain each item on your list with an example.
how do retiree health benefits differ from pension benefits with respect to accounting funding regulation and employee
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Auditing Class
explain how the perpetual and periodic inventory systems differ especially in determining cost of goods sold and ending
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a. Calculate the marginal tax rate and the effective tax rate for each of the C corporations. b. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot do so.
Compute the annual depreciation expense for 2006 and 2007, and book value at December 31, 2007, under the straight-line method.
kobe company has a factory machine with a book value of 88520 and a remaining useful life of 5 years. it can be sold
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