The stock of loon corporation is held as follows: 85% by duck corporation and 15% by gerald, an individual. loon corporation is liquidated in december of the current year, pursuant to a plan adopted earlier in the year. loon corporation distributes land with a basis of $350,000 and fair market value of $390,000 to gerald in liquidation of his stock interest. gerald had a basis of $200,000 in his loon stock. how much gain will loon corporation recognize in this liquidating distribution?

a. $0
b. $40,000
c. $190,000
d. $390,000

White company has two departments, cutting and finishing. the company uses a job-order costing system and computes a predetermined overhead rate in each department. the cutting department bases its rate on machine-hours, and the finishing department bases its rate on direct labor-hours. at the beginning of the year, the company made the following estimates: department cutting finishing direct labor-hours 6,000 30,000 machine-hours 48,000 5,000 total fixed manufacturing overhead cost $ 264,000 $ 366,000 variable manufacturing overhead per machine-hour $ 2.00 " variable manufacturing overhead per direct labor-hour " $ 4.00 required: 1. compute the predetermined overhead rate for each department. 2. the job cost sheet for job 203, which was started and completed during the year, showed the following: department cutting finishing direct labor-hours 6 20 machine-hours 80 4 direct materials $ 500 $ 310 direct labor cost $ 108 $ 360 using the predetermined overhead rates that you computed in requirement (1), compute the total manufacturing cost assigned to job 203. 3. would you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide predetermined overhead rate based on direct labor-hours, rather than using departmental rates?

Your project team’s recommendations to increase productivity have been approved and your team is now working on an implementation plan. in order to accomplish the plan, several subject matter experts from various parts of the organization have been brought in to assist. you have noticed friction and conflict among team members. some of the disagreement and opposition on your team supports the achievement of team goals and objectives. this type of conflict can be described as:

Zapper has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and investments by stockholders of $6,000. its ending equity is