Mike has a three-year lease on the apartment he occupies. he has lived there one year. he now wants to leave and go to aspen, colorado to be a ski instructor. however, mike's landlord will not release him from the lease, and threatens to sue him if he breaks his lease. mike finds paul to take over the last two years of the lease, but mike is worried that paul might cause damage or in other ways inflict loss and that he, mike, might be held financially responsible. in order to assure mike that he will be completely discharged from all obligations under his lease, mike should attempt to bring about: neither an assignment nor a novation—both will not accomplish mike's objective. a novation. either an assignment or novation—it will not affect mike's future liability. an assignment.

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c. prepaidrent. onseptember1ofthecurrentyear, thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

You meet that special person and get married. amazingly your spouse has exactly the same income you do 47,810. if your tax status is now married filing jointly what is your tax liability

Kim davis is in the 40 percent personal tax bracket. she is considering investing in hca(taxable) bonds that carry a 12 percent interest rate. what is her after- tax yield(interest rate) on the bonds?