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Answer true or False and explain fully 1) When accounting…

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Answer true or False and explain fully
1) When accounting for investments, significant control leads touse of the equity method of accounting for balance sheet valuation and income statement recognition.
2) For a capital lease, at inception of the lease, the lessee records an asset and liability measured as the present value of the minimum lease payments. Subsequently the lessee records depreciation expense and interest expense.
3) In accounting for investments, at the point of acquisition, a company can choose the fair value option for some assets without choosing it for all asset. If selected, all unrealized gains and losses are reported in net income.
4) If the owner of the leased asset pays executor costs and then passes them along to the lessee, these costs should not be included in the calculation of the minimum lease payments for group I determination of capital vs operating lease treatment.Problem 1
A reconciliation of Sauder Company’s pretax accounting income with its taxable income for 2014. Its first year of operations is as follows
Pretax accounting income is $8,000,000
Less: Excess tax depreciation of (240,000)
Less: Permanent diffrences (death benefit) of (260,000)
Equal: Taxable income of $7,500,000The excess tax depreciationwill result in equal net taxable amounts in cash of the next three years. Pretax accounting income increase by 10% in each year after 2014. Enacted tax rates are 40% in 2014 then 35% in 2015 and 30% in 2016 and 2017.
Required
(a) compute the total deferred tax liability (net of tax rate changes) to be reported on Sauder’s balance sheet at December 31, 2014.
(b) Create the journal entries required at 12/31/14, and 12/31/15 and 12/31/16 and 12/31/17 to record tax expense and tax payable.Problem 2
On January 1, 2014, American Corporation purchased 25% of the outstanding voting shares of short supplies common stock for $210,000 cash. On that date, Short’s book value and fair value were both $2.1 million. Short’s net income reported on December 31, 2014, was $80,000. The FV of American’s investment in Short was $220,000 as of 12/31/14. During 2014, Short paid cash dividends in the amount of $24,000. On January 1, 2015 American purchased and additional 20% of the outstanding stock of Short at a cost of $250,000. The FV of American’s investment in Short was $485,000 as of 12/31/15. During 2015 Short supplies had net income of $120,000 and paid dividends of $40,000.
Required
(a) prepare the journal entries necessary to record the above information on American Corporation’s books during 2014 and 2015.
(b) What is the carrying value of the investment in Short supplies as of 12/31/14 and 12/31/15?

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Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 9 months ago
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Dear Customer,

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Customer reply replied 9 months ago
Is this a prank where is the answer?
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I don't need to talk to anyone, I just want the answer for my questions
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 9 months ago

Dear Customer,

Please read my profile. This is not a prank. I need to know if you have additional questions? Not to be rude, but I am not a mind-reader. I am asking if you have additional questions? I do not know which is why I am asking.

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Customer reply replied 9 months ago
no I don't . I paid you $34 just for that
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 9 months ago

Dear Customer,

This is not over yet.

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Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 9 months ago

However, I really do think that the best thing would be if we do not work together. I will open this up so that another Expert can help you. And so far, you have paid me nothing.

Thank you.

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you know what I don't want your service. Too much trouble.
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I call my bank to cancel this scam
Business Tutor: F. Naz, B.Com replied 9 months ago
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