Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc, acquired by Pennie several years ago. On January 1, 2017, Pennie sold land with a book value of $60,000 to Stroud for $90,000
Stroud resold the land to an unrelated party for $100,000 on September 26, 2018 . The gain from sale of land that will appear in the consolidated income statements for 2017 and 2018, respectively, is ____. a. $0 and $10,000
b. $0 and $40,000
c. $30,000 and $10,000
d. $30,000 and $40,000
b
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Charles Kubert, 17, wanted to buy a car. His father offered to help him, but he insisted on doing it himself. Accordingly, he purchased a brand-new Corvette. A week later, Charles saw a Trans Am he liked better. He took the Corvette back to the dealer. The car dealer told Charles that he could not disaffirm the contract. Is the car dealer correct?
A. A minor is responsible for the fair value of necessities. B. Contracts of minors are voidable. C. Contracts of minors are void. D. An adult may choose to enforce a contract made with a minor
Which of the following is a distinctive characteristic of multidivisional structured organizations in the United States?
A) These organizations have a close relationship with the different organizations part of the supply chain. B) Executives at the corporate headquarters are committed to single business units. C) Corporate headquarters are least concerned about strategic planning and the allocation of resources among business units. D) Profit responsibility for operating decisions is assigned to managers of individual business units.