Jekyll and hyde formed a corporation (halloween inc.) on october 31 to develop a drug to address split personalities. jekyll will contribute a patented formula valued at $400,000 in return for 50 percent of the stock in the corporation. hyde will contribute an experimental formula worth $240,000 and medical services in exchange for the remaining stock. jekyll's tax basis in the patented formula is $250,000, whereas hyde has a basis of $30,000 in his experimental formula. describe the tax consequences of the transaction (include any calculations). furthermore, prepare the section 351 statement that must be included in the return.

The following cost data relate to the manufacturing activities of chang company during the just completed year: manufacturing overhead costs incurred: indirect materials $ 15,800 indirect labor 138,000 property taxes, factory 8,800 utilities, factory 78,000 depreciation, factory 150,600 insurance, factory 10,800 total actual manufacturing overhead costs incurred $ 402,000 other costs incurred: purchases of raw materials (both direct and indirect) $ 408,000 direct labor cost $ 68,000 inventories: raw materials, beginning $ 20,800 raw materials, ending $ 30,800 work in process, beginning $ 40,800 work in process, ending $ 70,800 the company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. a total of 20,500 machine-hours were used during the year. required: 1. compute the amount of underapplied or overapplied overhead cost for the year. 2. prepare a schedule of cost of goods manufactured for the year.

Social computing forces companies to deal with customers as opposed to

When the amount for land is 36,000 and the amount paid for expenses is 10,000, the balance of total asset is