E-infrastructure services include each of the following except
A) security.
B) consulting services.
C) integration standards.
D) systems development.
A
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On April 1, 2018, GMR Company purchased 30% of the outstanding voting stock of the Victory Corporation for $960,000. Victory's net assets on April 1, 2018 totaled $2,500,000. Victory's equipment was undervalued by $500,000 and its inventory was undervalued by $200,000 as of the date of purchase. The equipment has a ten-year remaining life as of April 1, 2018; the inventory was sold during 2018. Victory reported $450,000 of net income during 2018 and paid dividends of $75,000. Assume that net income was recognized evenly during 2018 and dividends were declared and paid evenly during 2018. Required:
Prepare a schedule to determine the amount of investment income to be reported by GMR during 2018 assuming that the equity method of accounting is applicable. Prepare a schedule to determine the balance in the investment account as of December 31, 2018 assuming that the equity method is applicable. Describe how the financial accounting and reporting would have differed if the equity method was not applicable. Describe how equity method investments are accounted for if GMR uses the fair value option of accounting for its investment. What will be an ideal response?
The Honomichl Top 50 reports the top 50 international firms based on revenues
Indicate whether the statement is true or false
Punctuate the sentence correctly. Was it Titanic that won the most Academy Awards
Wade and Paul form Swan Corporation with the following investments. Wade transfers machinery (basis of $40,000 and fair market value of $100,000) and Paul transfers land (basis of $20,000 and fair market value of $90,000) and services rendered (worth $10,000) in organizing the corporation. Each is issued 25 shares in Swan Corporation. With respect to the transfers:
A. Wade has no recognized gain; Paul recognizes income/gain of $80,000. B. Neither Wade nor Paul has recognized gain or income on the transfers. C. Swan Corporation has a basis of $30,000 in the land transferred by Paul. D. Paul has a basis of $30,000 in the 25 shares he acquires in Swan Corporation. E. None of these.