The GG Partnership has two equal partners, Gary and George. In the current year (2020), the partnership earns $300,000 of ordinary income (all business). In addition, to the ordinary income the partnership had $10,000 in capital gains. George is married, files a joint return, and claims a standard deduction. What is George’s taxable income?
A. $25,040.
B. $30,000.
C. $100,160.
D. $150,000.

When consumers discard their gasoline-powered automobiles for electric-powered ones, this partially reflects the of gasoline?

Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.

Last year, johnson mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. the firm paid $700 in dividends and had a tax rate of 35 percent. the firm added $2,810 to retained earnings. the firm had no long-term debt. what was the depreciation expense?