On January 1, 20X5, Meadow Inc. and Lark Inc. formed a joint venture called MLK Ltd. Meadow invested plant and equipment with a carrying value of $500,000 and a fair value of $800,000 for a 30% interest in the venture. Lark contributed assets with a fair value of $2,000,000 (including $200,000 in cash) for a 70% stake in MLK. The fair value of the assets contributed by Lark was the same as their carrying value. MLK reported net income of $100,000 for 20X5. Meadow’s plant and equipment were estimated to provide an additional five years of utility to MLK. Both companies pay income tax at a rate of 20%, and both companies, as well as the joint venture, have a December 31 year end. Assume that the transaction has commercial substance. Required:
What is the unrealized gain net of taxes arising from the transfer of Meadow’s assets toMLK on January 1, 20X5?

Spirula trading inc sublets a part of its offices building to jade inc. for a period of ten years . where will the company disclose this information?

Personal financial planning is the process of creating and achieving financial goals? true or false

Nichols inc. manufactures remote controls. currently the company uses a plantminuswide rate for allocating manufacturing overhead. the plant manager is considering switchingminusover to abc costing system and has asked the accounting department to identify the primary production activities and their cost drivers which are as follows: activities cost driver allocation rate material handling number of parts $5 per part assembly labor hours $20 per hour inspection time at inspection station $10 per minute the current traditional cost method allocates overhead based on direct manufacturing labor hours using a rate of $20 per labor hour. what are the indirect manufacturing costs per remote control assuming an method is used and a batch of 10 remote controls are produced? the batch requires 100 parts, 5 direct manufacturing labor hours, and 3 minutes of inspection time.