Which of the following are reasons for keeping inventory?
I. to allow for goods in transit
II. to build up stock for seasonal demand
III. to reduce production costs
IV. to guard against uncertainty in supply and demand
A) II and IV only B) I, II and III only
C) II, III and IV only D) I, II, III and IV
D
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R Company registered a patent on January 1, 2015. P Company purchased the patent from R Company for $450,000 on January 1, 2020, and began to amortize the patent over its remaining legal life. In early 2021, P Company determined that the patent's economic benefits would last only until the end of 2025. What amount should P Company record for patent amortization in 2021?
A) $90,000 B) $84,000 C) $70,000 D) $30,000
Brand ________ is the set of associations that consumers hold in memory regarding a brand's features, benefits, users, and perceived quality as a result of prior brand marketing activities
A) equity B) attitude C) valuation D) knowledge E) positioning
______ is the process of paying attention to an entire message, taking into account both the content of the message and the context in which the communication is delivered.
A. Active listening B. Trust C. Communication D. Feedback
Montclair Corporation had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distribution of land to its sole shareholder, Molly Pitcher. The land's fair market value was $200,000 and its tax and E&P basis to Montclair was $50,000. Molly assumed a liability of $25,000 attached to the land. The tax consequences of the distribution to Montclair in 20X3 would be:
A. No gain recognized and a reduction in E&P of $175,000. B. $150,000 gain recognized and a reduction in E&P of $175,000. C. No gain recognized and a reduction in E&P of $200,000. D. $150,000 gain recognized and a reduction in E&P of $200,000.