Peet Company provides free on-site day care for its employees with preschool children. Required: Determine the pretax value of the care for each of the following employees: Mrs. Udolf, who has a 32 percent marginal tax rate and who would pay $10,680 annually for day care for her three children. Mr. Zuo, who has a 12 percent marginal tax rate and who would pay $3,320 annually for day care for his one child.

Assuming that you’re recording the transactions on the first page of the journal, the page entry at the top right side of the journal should be a. one. b. j. c. j1. d. 2.

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

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