A corporation chartered in Texas and doing business in Texas is known as a domestic corporation.
Answer the following statement true (T) or false (F)
True
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Which statement is correct?
a. in a normalized database, data about vendors occur in several locations b. the accountant is responsible for database normalization c. in a normalized database, deletion of a key record could result in the destruction of the audit trail d. connections between M:M tables are provided by a link table
On January 1, 2021, Nana Company paid $100,000 for 8,000 shares of Papa Company's common stock. The ownership in Papa Company is 10%. Papa reported net income of $52,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021?
A. $315,600. B. $300,000. C. $360,000. D. $284,400.
Sally purchased new equipment for her consulting business. She allocates the Section 179 deduction among the new assets. One piece of equipment costs $1,020,000 and was allocated one-half of the allowable Section 179 deduction and therefore has a depreciable basis of $510,000.
Answer the following statement true (T) or false (F)
No alteration in the negotiable instrument is a presenter's warranty
Indicate whether the statement is true or false