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- 工 %24 Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that date, Paar's equipment (10-year remaining life) has a book value of $440,000 but a fair value of $566,000. Kimmel has equipment (10-year remaining life) with a book value of $261,000 but a fair value of $387,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2020, Paar has equipment with a book value of $308,000 but a fair value of $457,500. Kimmel has equipment with a book value of $182,700 but a fair value of $343,700. What is the consolidated balance for the Equipment account as of December 31, 2020? Multiple Cholce $801,200. $490,700. $578,900. $616,700. Graw < Prev 9 of 15 Next Type here to search *D中 dy 112 OL prt sc delete home 米 s num backspace lock #3 6. 8. enter pause alt ctrl altVikrambahi3 Franklin purchases 40 percent of Johnson Company on January 1 for $500,000. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnson's operating and financing policies. Johnson reports assets on that date of $1,400,000 with liabilities of $500,000. One building with a seven-year remaining life is undervalued on Johnson's books by $140,000. Also, Johnson's book value for its trademark (10-year remaining life) is undervalued by $210,000. During the year, Johnson reports net income of $90,000 while declaring dividends of $30,000. What is the Investment in Johnson Company balance (equity method) in Franklin's financial records as of December 31? Skipped References Multiple Choice $507,600. $516,000. $513,900. $504,000.
- answer quicklySTEN Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates $0-$9,875 $9,875 - $40,125 $40,125-$85,525 $85,525-$163,300 $163,300 $207,350 $207,350-$518,400 $518,400 or more Standard Deductions $12,400 Married Filing Jointly $0-$19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 $622,050 or more Married Filing Jointly Find Martin's taxable income. Round to the nearest cent. $1674.50 Martín is a 30-year-old, full-time college student sharing rent with a roommate who is filing separately from Martin. Martin made $15,600 at his part-time job in 2020. He does not have any adjustments or itemized deductions. $24,800 Martín qualifies for a $17 earned income tax credit. Compute Martín's tax owed. Round to the nearest cent. $ Suppose Martin's W-2 says that he paid $390 in taxes in 2020. Does Martín owe taxes, or is he due a refund? O Has to pay O Refund Calculate Martin's taxes owed or refund. Round your answer the nearest cent. S8 Company P acquired 80% of the shares of Company S for 160000 JD cash. The equity of S was: capital 120000 JD other contributed capital 30000 JD RE 35000. Differences between IV and BV is: Select one: a. Dr. 20000 b. Cr. 15000 c. Cr. 10000 d. Dr. 25000
- Bha15:20:31 O 0 ull 100% 4 01:09:30 Remaining Short Answer Jaiz, Najeb,and Philip agreed to share profits and losses according to the ratio of their respective investments at the beginning of the year of P300,000,P250,000, and P450,000. Calculate the share of each partner under the following conditions: (a) 300,000 profit; (b) 250,000 loss; (c) prepare journal entry for each condition. Your Answer Write your answer... 2 of 4 ->42 0 Several years ago, Sonja purchased 250 shares of Sugar Inc. at a price of $14 per share. Recently, she wrote a covered call for 250 shares of Sugar. The December call carries a strike price of $20 at a premium of $2.25 per share. Ignoring commissions, if the call option is exercised, what is Sonja's total gain? O a) $ 937.50 O b) $1,500.00 O c) $2,062.50 O d) $4,062.50