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Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 10, Problem 10.5S
(Learning Objective 2: Record issuance of stock for cash and for services) Attorney Kristen Maloney invoiced Dunn for $20,400 and has agreed to accept 1,500 shares of its $0.01 par-value common stock in full payment for this invoice. Dunn issued the common stock to Attorney Maloney on January 29. Record the stock-issuance transaction for Dunn.
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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)
Note: Round your answer to the nearest whole dollar amount.
Acorn provided you with the following information:
Asset
Placed in Service
Basis
New equipment and tools
August 20
$ 3,800,000
Used light-duty trucks
October 17
2,000,000
Used machinery
November 6
1,525,000
Total
$ 7,325,000
The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago.
a. What is Acorn's maximum cost recovery deduction in the current year?
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Chapter 10 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 10 - The two main categories of stockholders equity are...Ch. 10 - Prob. 2QCCh. 10 - Stockholders of a corporation directly elect the...Ch. 10 - The par value of a share of common stock a. is...Ch. 10 - Prob. 5QCCh. 10 - If a corporation issues 1,000 shares of 1 par...Ch. 10 - Prob. 7QCCh. 10 - Sandusky Corporation purchased 3,000 shares of its...Ch. 10 - Graves Corporation issued 50,000 shares of 1 par...Ch. 10 - Prob. 10QC
Ch. 10 - For cash dividends, the journal entry on the date...Ch. 10 - Prob. 12QCCh. 10 - Prob. 13QCCh. 10 - Prob. 14QCCh. 10 - Prob. 15QCCh. 10 - Prob. 16QCCh. 10 - Prob. 10.1ECCh. 10 - Prob. 10.1SCh. 10 - (Learning Objective 1: Describe characteristics of...Ch. 10 - Prob. 10.3SCh. 10 - Prob. 10.4SCh. 10 - (Learning Objective 2: Record issuance of stock...Ch. 10 - Prob. 10.6SCh. 10 - Prob. 10.7SCh. 10 - Prob. 10.8SCh. 10 - Prob. 10.9SCh. 10 - Prob. 10.10SCh. 10 - (Learning Objective 4: Divide cash dividends...Ch. 10 - Prob. 10.12SCh. 10 - (Learning Objective 6: Prepare the stockholders...Ch. 10 - (Learning Objective 5: Use stockholders equity...Ch. 10 - (Learning Objective 5: Calculate book value per...Ch. 10 - (Learning Objective 5: Calculate and explain...Ch. 10 - (Learning Objective 5: Calculate return on assets...Ch. 10 - Prob. 10.18SCh. 10 - (Learning Objective 2. 5: Define and use various...Ch. 10 - Prob. 10.20SCh. 10 - Prob. 10.21SCh. 10 - Prob. 10.22SCh. 10 - (Learning Objective 1: Identify key terms...Ch. 10 - (Learning Objectives 2, 6: Account for issuance of...Ch. 10 - Prob. 10.25AECh. 10 - Prob. 10.26AECh. 10 - Prob. 10.27AECh. 10 - (Learning Objective 3: Account for the purchase...Ch. 10 - (Learning Objectives 2, 3, 4: Account for issuance...Ch. 10 - (Learning Objective 6: Report stockholders equity...Ch. 10 - Prob. 10.31AECh. 10 - LO 4 (Learning Objective 4: Calculate dividends on...Ch. 10 - Prob. 10.33AECh. 10 - Prob. 10.34AECh. 10 - LO 5 (Learning Objective 5: Calculate and...Ch. 10 - LO 4,6 (Learning Objective 4, 6: Analyze...Ch. 10 - (Learning Objective 5: Evaluate profitability)...Ch. 10 - Prob. 10.38AECh. 10 - LO 6 (Learning Objective 6: Use a companys...Ch. 10 - (Learning Objective 1: Identify key terms...Ch. 10 - (Learning Objectives 2, 6: Account for issuance of...Ch. 10 - Prob. 10.42BECh. 10 - Prob. 10.43BECh. 10 - (Learning Objectives 3, 6: Show how treasury stock...Ch. 10 - (Learning Objective 3: Account for the purchase...Ch. 10 - (Learning Objectives 2, 3, 4: Account for issuance...Ch. 10 - Prob. 10.47BECh. 10 - Prob. 10.48BECh. 10 - Prob. 10.49BECh. 10 - Prob. 10.50BECh. 10 - (Learning Objectives 2, 3, 4: Measure the effect s...Ch. 10 - Prob. 10.52BECh. 10 - (Learning Objective 5: Analyze alternative plans...Ch. 10 - (Learning Objective 5: Evaluate profitability)...Ch. 10 - Prob. 10.55BECh. 10 - Prob. 10.56BECh. 10 - Prob. 10.57QCh. 10 - Prob. 10.58QCh. 10 - Prob. 10.59QCh. 10 - Prob. 10.60QCh. 10 - Prob. 10.61QCh. 10 - Prob. 10.62QCh. 10 - Prob. 10.63QCh. 10 - Prob. 10.64QCh. 10 - Quill Corporation paid 28 per share to purchase...Ch. 10 - Prob. 10.66QCh. 10 - Prob. 10.67QCh. 10 - Prob. 10.68QCh. 10 - Prob. 10.69QCh. 10 - Prob. 10.70QCh. 10 - Prob. 10.71QCh. 10 - Prob. 10.72QCh. 10 - Prob. 10.73QCh. 10 - Prob. 10.74QCh. 10 - Prob. 10.75QCh. 10 - Prob. 10.76APCh. 10 - (Learning Objective 6: Report stockholders equity)...Ch. 10 - (Learning Objectives 2, 4: Analyze stockholders...Ch. 10 - (Learning Objectives 2, 3, 4: Account for stock...Ch. 10 - Prob. 10.80APCh. 10 - Prob. 10.81APCh. 10 - Prob. 10.82APCh. 10 - Prob. 10.83APCh. 10 - Prob. 10.84BPCh. 10 - Prob. 10.85BPCh. 10 - (Learning Objectives 2, 4: Analyze stockholders...Ch. 10 - (Learning Objectives 2, 3, 4: Account for stock...Ch. 10 - Prob. 10.88BPCh. 10 - Prob. 10.89BPCh. 10 - (Learning Objective 5: Differentiate financing...Ch. 10 - Prob. 10.91BPCh. 10 - Prob. 10.92CEPCh. 10 - Prob. 10.93CEPCh. 10 - Prob. 10.94CEPCh. 10 - Prob. 10.95CEPCh. 10 - (Learning Objectives 2, 3, 4, 6: Analyze...Ch. 10 - (Learning Objectives 2, 3, 4: Calculate impact of...Ch. 10 - Prob. 10.98DCCh. 10 - Prob. 10.99DCCh. 10 - Prob. 10.100EICCh. 10 - Prob. 10.101EICCh. 10 - (Learning Objectives 2, 3, 4, 5: Analyze common...Ch. 10 - (Learning Objectives 2, 3, 4: Analyze treasury...
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