Kiki purchases a $16,000 bond from Green Corp. on January 1, 2021. The bond has a 10%
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Kiki purchases a $16,000 bond from Green Corp. on January 1, 2021. The bond has a 10% annual interest rate. On December 1, 2021, Kiki gifts the bond to her son, Branson. How much income is reported by Kiki? Branson?
Jonell purchases stock in Green Corp. on January 1, 2021 for $16,000. On November 30, 2021, Jonell gifts the bond to her daughter, Melody. The stock declares and pays $2,400 in dividends in 2021: $1500 dividend on June 1, 2020 and a $900 dividend on December 30, 2020. How much income is reported by Jonell? Melody?
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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