There are actually two makers, and they both agreed to a one dollar salary a year.
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Answer:
D. No loss recognized and a reduction in E&P of $200,000
Explanation:
Given that:
- Current and accumulated E&P : $500,000
- A distribution of land to its sole shareholder: $200,000
- E&P basis to Catamount : $250,000
From that, we can see that the current and accumulated E&P is greater than its distribution of land so no loss would be reported so there will be reduction in earning and profits of the company of $200,000.
Hope it will find you well.
Answer: $150,000,000
Explanation:
Question is:
What were the total proceeds from the common stock sale?
Total proceeds refer to the total amount that the sale of the stock generated. This means that you should not account for the underwriting fees as of yet but just the amount that came in.
= Number of shares sold * price per share
= 3,000,000 * 30
= $150,000,000
The answer is a loan agreement because you agreed to by the car
