For the year ending december 31, 2018, benson corporation had income from continuing operations before taxes of $1,370,000 before considering the following transactions and events. all of the items described below are before taxes and the amounts should be considered material. in november 2018, benson sold its pancake village restaurant chain that qualified as a component of an entity. the company had adopted a plan to sell the chain in may 2018. the income from operations of the chain from january 1, 2018, through november was $177,000 and the loss on sale of the chain’s assets was $334,000. in 2018, benson sold one of its six factories for $1,540,000. at the time of the sale, the factory had a book value of $1,270,000. the factory was not considered a component of the entity. in 2016, benson’s accountant omitted the annual adjustment for patent amortization expense of $137,000. the error was not discovered until december 2018. required: prepare benson’s income statement, beginning with income from continuing operations before taxes, for the year ended december 31, 2018. assume an income tax rate of 20%. ignore eps disclosures.

On july 1, 2016, killearn company acquired 103,000 of the outstanding shares of shaun company for $21 per share. this acquisition gave killearn a 40 percent ownership of shaun and allowed killearn to significantly influence the investee's decisions. as of july 1, 2016, the investee had assets with a book value of $6 million and liabilities of $1,468,500. at the time, shaun held equipment appraised at $140,000 above book value; it was considered to have a seven-year remaining life with no salvage value. shaun also held a copyright with a five-year remaining life on its books that was undervalued by $562,500. any remaining excess cost was attributable to goodwill. depreciation and amortization are computed using the straight-line method. killearn applies the equity method for its investment in shaun. shaun's policy is to declare and pay a $1 per share cash dividend every april 1 and october 1. shaun's income, earned evenly throughout each year, was $580,000 in 2016, $606,600 in 2017, and $649,200 in 2018. in addition, killearn sold inventory costing $93,000 to shaun for $155,000 during 2017. shaun resold $97,500 of this inventory during 2017 and the remaining $57,500 during 2018.a. determine the equity income to be recognized by killearn during each of these years. 2016 2017 2018b. compute killearn’s investment in shaun company’s balance as of december 31, 2018.

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. recently, you saw that stubhub was listing similar seats for $225 apiece. what does it cost you to attend the concert?

Selected transactions of the carolina company are listed below. classify each transaction as either an operating activity, an investing activity, a financing activity, or a noncash activity. 1. common stock is sold for cash above par value. 2. bonds payable are issued for cash at a discount