On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,000,000 at 13% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $5,000,000, 17% bonds $3,000,000, 13% long-term note Construction expenditures incurred during 2021 were as follows: January 1 $ 820,000 March 31 1,420,000 June 30 1,064,000 September 30 820,000 December 31 620,000 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method.

Walmart’s scm system walmart is famous for its low prices, and you may have experienced its low prices first-hand. at least, you have probably seen its motto, “always low prices— always.” one of the biggest reasons walmart is able to sell at prices lower than almost everyone else is that it has a superefficient supply chain. its it-enabled supply chain management system is the envy of the industry because it drives excess time and unnecessary costs out of the supply chain. so, because walmart can buy low, it sells low. as a matter of fact, if your company wants to sell items to walmart for it to sell in its stores, you will have to do business with it electronically. if your company can’t do that, walmart won’t buy anything from you. log on to walmart’s web site (), search for supplier information, and find out what walmart’s requirements are for its suppliers to do business with it electronically. prepare a brief summary of its requirements for presentation in clas

Coop inc. owns 40% of chicken inc., both coop and chicken are corporations. chicken pays coop a dividend of $10,000 in the current year. chicken also reports financial accounting earnings of $20,000 for that year. assume coop follows the general rule of accounting for investment in chicken. what is the amount and nature of the book-tax difference to coop associated with the dividend distribution (ignoring the dividends received deduction)?

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.