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nignag [31]
3 years ago
14

Porter Co. owned all of the voting common stock of Simi Corp. The corporations' balance sheets dated December 31, 2018, include

the following balances for land: for Porter – $416,000, and for Simi – $256,000. On the original date of acquisition, the book value of Simi's land was equal to its fair market value. On April 4, 2020, Porter sold to Simi a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2020. What is the consolidated balance for land on the 2020 balance sheet?
Business
1 answer:
Katena32 [7]3 years ago
3 0

Answer: $672,000

Explanation:

Porter sold land to Simi which means that their land balance reduces. Simi's however increases by the same amount. As Porter owned all the voting stock, the sale will be accounted for at the book value.

The Consolidated balance for land in 2020 will therefore be calculated as,

= (Porter land value - Sales price) + (Simi land value + Sales price)

= (416,000 - 65,000) + (256,000 + 65,000)

= 351,000 + 321,000

= $672,000

The book value of the Consolidated land will be $672,000 in 2020.

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First-line managers provide firsthand information on true challenges and can offer better and workable solutions. This is because they have the immediate view of the outcomes of the policies, strategies, marketing approaches and production capabilities of the company. They have the ear of upper managers, where they will offer solutions that can improve the processes in the company and the procedures. In addition to that, first-line managers are expected by the work-group employees to protect them from policies and initiatives which are unreasonable.



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3 years ago
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Many times new products have a very short life because companies believe that they can charge very high prices because they are innovations, but they forget to provide the corresponding benefits of a very high price. Usually short living fads result from this strategy, because the customers will demand more for their money and if the product doesn't satisfy them, they wouldn't purchase it again. And with all the social networks we have today, gossip (and videos) about bad products travel extremely fast.

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5 0
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