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.
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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
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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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