On january 1, 2013, ameen company purchased a building for $36 million. ameen uses straight-line depreciation for financial statement reporting and macrs for income tax reporting. at december 31, 2015, the book value of the building was $30 million and its tax basis was $20 million. at december 31, 2016, the book value of the building was $28 million and its tax basis was $13 million. there were no other temporary differences and no permanent differences. pretax accounting income for 2016 was $45 million. prepare the appropriate journal entry to record ameen’s 2016 income taxes. assume an income tax rate of 40%. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. enter your answers in millions (i. e., 10,000,000 should be entered as

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

At which stage would you introduce your product to the market at large? a. development stage b. market testing stage c. commercialization stage d. ideation stage

Paid-in-capital in excess of par represents the amount of proceeds a. from the original sale of common stock b. in excess of the par value from the original sale of common stock c. at the current market value of the common stock d. at the curent book value of the common stock