Assets to individual shareholders
ABC Corporation liquidated and distributed the following assets to its individual shareholders:Basis FMVCash 40,000 40,000Inventory 20,000 45,000Land 60,000 75,000How much gain should ABC corporation recognize?
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Stock issue cost amount to $25,000 and Arturo pays $42,000 for legal fees to complete the transaction. Prepare Arturo's journal entry to record its accusiation of Westmont.
SBT partnership distributes $5,000 cash and a parcel of land with a fair market value of $40,000 and a $25,000 basis to the partnership to Sam (30 percent partner). What factors must Sam and SBT consider in determining the tax treatment of this di
On January 1, 2011, Legion Corporation issued $290,000 of 4% interest, 10 year bonds. Interest paid semi-annually on June & December. The bonds sold for $156,949, priced to yield 12% interest. Legion records interest at the effective rate. Leg
Hale Company sells merchandise on account for $1,000 to Long Company with credit terms of 2/10, n/30. Long Company returns $200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amoun
ABC Corporation liquidated and distributed the following assets to its individual shareholders:
Chinook Corporation incurred the following costs in connection with the issuance of bonds: (1) printing and engraving costs, $15,000; (2) legal fees, $49,000, and (3) commissions paid to underwriter, $60,000. What amount should be reported as Unam
Determine the amount of underapplied or overapplied manufacturing overhead for the period.
Assuming Aaron uses direct labor hours as a company-wide allocation base before and after the automation, the amount of overhead cost allocated to:
On January 1, 2011, Legion Company sold $210,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $137,739, priced to yield 12%. Legion records interest at the effective rate. Legion should
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