Answer:
Tax Income Expense 10,600,000
Tax income payable 10,302,500
deffered tax liability 297,500
Explanation:
pretax book income 10,600,000
reverse bad debt 172,500
additional dep -227,500
book asset sale gain -87,000
taxable asset sale gain 114,500
tax expemt insurance proceed -270,000
Taxable income 10,302,500
Storytelling can influence kids and other people of course to use their imagination and interact with people in the process and it could also be useful to help people learn stuff
Answer:
A.$200,000
B.Dr Loss on impairment $30,000
Cr Goodwill $30,000
Explanation:
(a) Computation of the amount of goodwill acquired by Vinson
Purchase price$900,000
Fair value of net assets $700,000
(Fair value of assets $950,000-
Fair value of liabilities $250,000)
Value assigned to goodwill $200,000
($900,000-$700,000)
(b) Preparation of Vinson’s journal entry to record impairment of goodwill.
Based on the information given we were told
the fair value of Carley is the amount of $720,000 while the implied fair value of goodwill is the amount of $170,000 and we were also told that carrying value of Carley’s net assets as well include the goodwill which is the amount of $750,000 which means that their is loss on impairment because the fair value amount is lower than carrying value which means that the journal entry to record impairment of goodwil will be ;
Dr Loss on impairment $30,000
($200,000 − $170,000)
Cr Goodwill $30,000
Answer: Local- content laws
Explanation: In simple words, these refers to the rules and regulation made by the government requiring foreign firms to use domestic resources if they want to operate in that economy.
In the given case, Thailand requires foreign companies selling milk products to use domestically produced milk for their production.
Hence from the above we can conclude that the economic risk involved is regarding to local content laws.
