Wildhorse Corporation purchased trading investment bonds for…
Wildhorse Corporation purchased trading investment bonds for $64,000 at par. At December 31, Wildhorse received annual interest of $2,560, and the fair value of the bonds was $61,200. What is the effect on the statement of financial position as a result of these transactions?
Read DetailsAble Corp has pretax financial income of $100,000. Able has…
Able Corp has pretax financial income of $100,000. Able has a single difference from the tax return, which is $40,000 of interest from a municipal bond. The tax rate is 30%. Tax expense makes up what percentage of pretax financial income?
Read DetailsMingenback Company has 630,000 shares of $10 par value commo…
Mingenback Company has 630,000 shares of $10 par value common stock outstanding. During the year Mingenback declared a 15% stock dividend when the market price of the stock was $48 per share. Two months later Mingenback declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by:
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