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Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 2011, the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 2011, Nicole earned net income of $120,000 and paid cash dividends of $40,000. Previously in 2010, Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 2010. Additional sales were made to Steven in 2011 at a transfer price of $75,000 that had cost Nicole $54,000. Only 10% of the 2011 purchases had not been sold to outsiders by the end of 2011.
What was the balance in the Investment in Nicole Corp. account at December 31, 2011?
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Magenta Corporation also distributed $60,000 to its sole shareholder, Chuck, on November 30 of the current year. As a result of the distribution, which of the following is the correct regarding how Chuck should treat the distribution for the curre..
The company estimates the system's current salvage value to be $1,500. A new computer system will cost $10,000 and is expected to have a useful life of five years, with no salvage value. Annual cash operating costs are $4,000 for the old system an..
Caravan Corporation has always been an S corporation. Caravan Corporation is 100% owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock.
Providing language and cultural training for employees is big business. If you were going to write a class on how language affects intercultural business communications, what would your lesson plan look like?
Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen's basis in the land is 275,000, the corporation assumes a liability on the property in the amount of 300,000...
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
You're a journalist for an up-and-coming online news website. You are inadvertently given some information that you know would increase your website's popularity, but could potentially compromise national security.
Determine sample size based on the following audit judgments.
What are some methods a business uses to determine if the activity is value added or not? How do you think business learn from customers (consumers) what is value added and what is not value added?
The real property tax year in Adams County is the calendar year. The real property tax becomes a person liability of the owner of real property on January 1 in the current real property tax year 2009.
Compute the total amount of goodwill of International Co. based on the price paid by Melissa Co. Prepare all journal entries in Melissa's accounting records relating to the investment for year ended December 31 under the cost method of accounting, ..
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