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