Equity method transactions Rowan Co. purchases 600 common shares (40%) of JBI Corp. as a long-term investment for $550,000 cash on July 1. JBI Corp. paid $8,750 in total cash dividends on November 1 and reported net income of $175,000 for the year.
1) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends and the December 31 year-end adjustment for its share of JBI net income.
2) Record the receipt of the dividend Nov 1
3) Record the Adjustment required for the investment account Dec 31

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

It is estimated that over 100,000 students will apply to the top 30 m.b.a. programs in the united states this year. a. using the concept of net present value and opportunity cost, when is it rational for an individual to pursue an m.b.a. degree. b. what would you expect to happen to the number of applicants if the starting salaries of managers with m.b.a. degrees remained constant but salaries of managers without such degrees decreased by 20 percent

The stock of grommet corporation, a u.s. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. grommet owns 95 percent of the outstanding stock of staple inc., also a u.s. company. staple owns 100 percent of the outstanding stock of clip corporation, a canadian company. grommet and clip each own 50 percent of the outstanding stock of fastener inc., a u.s. company. grommet and staple each own 50 percent of the outstanding stock of binder corporation, a u.s. company. which of these corporations form an affiliated group eligible to file a consolidated tax return?