values equaled carrying amounts for all items except equipment , for which fair values exceeded carrying amounts by $ 100,000 . The equipment has a five year life . Goodwill , if any , is expected to have a useful life of 10 years . During 2005 , Straw reported net income of $ 150,000 . What amount of income from this investment should Puff report in its 2005 income statement ?
Question 14
The discount resulting from the determination of a note payable ' s present value should be reported on the balance sheet as a ( an )
Question 15
Land was purchased to be used as the site for the construction of a plant . A building on the property was sold and removed by the buyer so that construction on the plant could begin . The proceeds from the sale of the building should be
Question 16
Park Co . uses the equity method to account for its January 1 , 2004 , purchase of Tun Inc .' s common stock . On January 1 , 2004 , the fair values of Tun ' s FIFO inventory and land exceeded their carrying amounts . How do these excesses of fair values over carrying amounts affect Park ' s reported equity in Tun ' s 2004 earnings ?
Question 17