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On Jan 1, 2013, the Sub acquires land, at a cost of $250,000 and a Building with a cost of $625,000. The building has a $50,000 salvage value and a 15 year estimated useful life. On Jun 30, 2020, the Sub sells the land and the building to the parent for $1,250,000 (30% land & 70% building). The Sub is 75% owned by the Parent.
Required:
Prepare the Elimination & Adjustment entries for 2020 and 2021.
What is the impact on the Sub’s internally generated profit for 2020 and 2021?
What is the impact on the NCI Net Income for 2020 & 2021?
What is the value reported on the Consolidated Balance Sheet for Land & Building & Accumulated Depreciation for 2020 & 2021?
Evaluate for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,000,000.
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How much of Joe's bonus might the IRS re-characterize as a dividend Supposing the IRS re-characterizes $200,000 of Joe's bonus as a dividend, what additional income tax liability does Nittany Company face
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A partial adjusted trial balance for Dodgers Co at 9/30/15 shows the following, with each account having a normal balance: If $4,182,000 was collected in September for services performed in September and $596,000 was collected in September for servic..
Cubicle Solutions sells productivity software such as word processors, spreadsheets, and personal information managers. Cubicle prides itself on customer support and maintains a large call center where customers can call in with technical question..
What effect would this have on the firm's output. Finally, suppose that MCL =$20 and P=$50 but that labor productivity (output per labor hour) is expected to increase by 25%over the next 5 years. What effect would this have on the firm's optimal ..
Morgan is a 32-year-old nurse. She is in good health and has applied for a new cash value life insurance policy. She is interested in knowing whether she should surrender her current policy and purchase the new policy offered through a AAA-rated f..
Evaluate amount of units must be sold in order to realize an operating income of $50,000?
You have been given the assignment to analyse and prepare a report as to which of the two banks' ordinary shares is better value for investment.
Prepare the company's cash budget for February in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance.
Prepare an income statement for the year ended December 31, 2011, and a balance sheet as of December 31, 2011 and prepare all journal entries to record the information for 2012. Also prepare any necessary adjusting entries.
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