Clothing purchased land, paying $ 105 comma 000 cash and signing a $ 320 comma 000 note payable. In addition, Clawson paid delinquent property tax of $ 2 comma 000, title insurance costing $ 850, and $ 5 comma 500 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land.

Sarah borrowed $16,500 on may 23 with interest due on september 3. if the interest rate is 9%, find the interest on the loan using exact interest and ordinary interest.

Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paar’s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.

In a chapter 7 bankruptcy, a debtor: