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Prince Corporation is acquiring Jam Corporation in a Type A reorganization by exchanging 40% of its voting stock and $50,000 for all of Jam's assets (value of $850,000 and basis of $600,000) and liabilities ($200,000). The shareholders of Jam are Susan (650 shares) and Richard (350 shares). They bought their stock for $500 per share. What is the amount of gains or losses that Susan and Richard will recognize due to the reorganization? What is the value of the stock they received from Prince and what is their basis in the Prince stock?
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In September direct labor was 40% of conversion cost. If the manufacturing overhead for the month was $66,000 and the direct materials cost was $20,000, the direct labor cost was: $13,333 $44,000 $99,000 $30,000
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