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Semenov [28]
2 years ago
7

Brody owns all the stock in Mongoose Corporation. Brody has a basis of $200,000 in the Mongoose stock, which currently has a fai

r market value of $500,000. Mongoose is merged into Chestnut Corporation. Brody receives Chestnut preferred stock worth $200,000 and common stock worth $300,000. Brody recognizes a gain of:______.
a. $300,000.
b. $100,000.
c. $200,000.
d. None of the above.
Business
1 answer:
oee [108]2 years ago
3 0

Answer:

d. None of the above.

Explanation:

Option D is correct because Brody has a basis of $200000 Mongoose stock and its market value is $500000. After the merger, Brody receives $200000 preferred stock and $300000 common stock which is equal to its market value of a stock before the merger so there is no gain.

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3 years ago
Read 2 more answers
Pasadena Candle Inc. projected sales of 37,000 candles for January. The estimated January 1 inventory is 1,900 units, and the de
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Answer:

Explanation:

The preparation of the production budget report in units for Pasadena Candle Inc. is shown below:

Projected sales                                                           37,000

Add: Desired January 31 inventory                           4,000

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Less: Estimated January 1 inventory                        -$1,900

Units produced                                                          $39,100

6 0
3 years ago
Bundling:__.
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c

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