GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
GB 112/212 MANAGERIAL ACC. W/ACCESS >C<
17th Edition
ISBN: 9781260218831
Author: Libby
Publisher: MCG CUSTOM
bartleby

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Chapter A, Problem 7P

1.

To determine

Indicate the method used by Company C to account the investment in Corporation S under Case A and Case B.

2.

a.

To determine

Journalize the purchase of investment in Company C stock for Case A and Case B.

b.

To determine

Journalize the income reported by Corporation S, for Case A and Case B.

c.

To determine

Journalize the dividends paid by Corporation S, for Case A and Case B.

d.

To determine

Journalize the adjusting entry for the changes in fair value, for Case A and Case B.

3.

a.

To determine

Show the amounts related to investments, reported on the balance sheet of Company C.

b.

To determine

Show the amounts related to investments, reported on the statement of stockholders’ equity of Company C.

c.

To determine

Show the revenue related to investments, reported on the income statement of Company C.

4.

To determine

Explain the reasons for the differences between the Case A and Case B investments.

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Tom Hale was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse and his real estate to a church (an “A” charity). The remainder of Tom’s assets were to be placed in trust for three children. Tom’s estate consisted of the following: Assets:   Personal assets $ 1,340,000 Cash and stock 26,400,000 Intangible assets (film rights) 83,500,000 Real estate 17,400,000   $ 128,640,000 Liabilities:   Mortgage $ 5,600,000 Other liabilities 6,500,000   $ 12,100,000     a. Tom made a taxable gift of $7.50 million in 2011. Compute the estate tax for Tom's estate.  (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.  EXHIBIT 25-2 The Exemption Equivalent / Applicable Exclusion Amount Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987 1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000…

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GB 112/212 MANAGERIAL ACC. W/ACCESS >C<

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