Question: Please help me with this problem. This subject is Intermediate Accounting. ANDY CORP. received the following donations during the year 2020: a) Land from WENCY

Please help me with this problem. This subject is Intermediate Accounting.

ANDY CORP. received the following donations during the year 2020: a) Land from WENCY INC., parent of the entity, with a fair value on the date of transaction amounting to P550,000. b) 10,000 shares of another entity from a rich entrepreneur. The market value of the shares on that date is P30 per share. c) Cash of P100,000 from a stockholder owning 20% of the total outstanding shares of the company. How much is the total credit to donated capital?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

WILL UPVOTE ANSWER THE FOLLOWING ASAP!!! Help me please with detailed and clear explanation of the answer. Present it in good accounting form. Use excel and send the link here. Corporation 430...

Can you please help me solve this problem with appropriate schedules ASAP! Thank you! please help!!! it does not have to be 100% correct as long as it make sense its fine for me Ill appreciate your...

QUESTIONS and PROBLEMS GROUP MULTIPLE CHOICE QUESTIONS LO 2.1 LO 2.1 LO 2.1 LO 2.1 1. The definition of gross income in the tax law is: a. All items specifically listed as income in the tax law b....

Please follow the exact format of the images provided for the form. Question is not too big to be understood. It is just asking for you to fill out the 1120 tax form with the information provided....

Week 5 Assignment - Analyzing a Corporate Tax Return Need serious help with this accounting assignment Overview You are a senior tax accountant in the firm, Ernest & Rainhouse. Joe, a new junior...

only question 2.. plz help me.. im offering all my credits. i swear... Faculty of Business, Economics & Accounting Department of Accounting and Finance HELP Bachelor of Business (Hons) Year 3...

58. XYZ is a calendar-year corporation that began business on January 1, 2018. For 2019, it reported the following information in its current-year audited income statement. Notes with important tax...

Tax Return Problems - Corporation Tax Return: Fall 2021 Required: . Complete Bell Construction Solutions Inc.'s (BCS) 2020 Form 1120, Pages 1 - 6, and The Book to Tax Reconciliation using the...

Required Complete Alvin's Music Inc.'s (AMI) 2020 Form 1120, Schedule D, and Schedule G (if applicable) using the information provided below. . Neither Form 4562 for depreciation nor Form 4797 for...

Green Day Hardware Companys payroll for November 2014 is summarized below. At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply....

You plan to save a fixed annual amount for your retirement in 30 years. If interest rates are 3.2% how much do you need to save a year in order to have $500,000 in 29 years? (5) Your company beta is...

Cariman Company is a manufacturer with two production departments ( Machining and Assembly ) as well as two support departments ( Human Resources and Information Services ) . For the last quarter of...

Could you please help with this? write clearly please! 3. Compare a. The strengths of the acids CH3COOH,ClCH2COOH,Cl2CHCOOH b. The strengths of their conjugate bases

=+ 2. In the steady state of the Solow model, at what rate does output per person grow?

=+ a. Express output per worker (y = Y/L) as a function of capital per worker (k = K/L) and the natural rate of unemployment (u).

=+ b. Write an equation that describes the steady state of this economy. Illustrate the steady state graphically, as we did in this chapter for the standard Solow model.