What does the duty to mitigate require of an employee whose position has been constructively terminated?

A. It requires the former employee to take reasonable steps to find comparable employment.

B. The employee could be required to accept a lower position in the same company.

C. It requires the former employee to take the first job available.

D. The individual is expected to accept a lower-level job in another company to reduce his loss.

Atlantic Imports, a U.S. company, acquired a wholly-owned subsidiary, located in Portugal, on January 1, 2018 for €200,000,000. The subsidiary’s functional currency is the euro. The balance sheet of the subsidiary at the date of acquisition was as follows: Assets Current assets € 30,000,000 Noncurrent assets, net 150,000,000 Total assets €180,000,000 Liabilities and Stockholders' Equity Liabilities € 60,000,000 Capital stock 80,000,000 Retained earnings 40,000,000 Total liabilities and stockholders' equity €180,000,000 Appropriate revaluations of the subsidiary’s assets at the date of acquisition are as follows: Inventories are undervalued by €500,000. The subsidiary uses FIFO. Noncurrent assets are undervalued by €10,000,000. The noncurrent assets have a 10-year remaining life, straight-line. Identifiable indefinite life intangible assets, previously unreported, have a fair value of €5,000,000. During 2018 there was no impairment of either identifiable intangible assets or goodwill. The exchange rate on January 1, 2018 was $1.10/€. The average rate for 2018 was $1.12/€, and the rate at the end of 2018 was $1.15/€. The excess of acquisition cost over book value for this acquisition, in U.S. dollars, is: The entries required to consolidate the balance sheets of Atlantic Imports and its subsidiary at the date of acquisition include recognition of goodwill of: The entries required to consolidate the balance sheets of Atlantic Imports and its subsidiary at the date of acquisition include an increase in the subsidiary's noncurrent assets in the amount of: At the end of 2018, consolidation eliminating entry (R) includes a debit to current assets in the amount of: At the end of 2018, consolidation eliminating entry (O) includes a debit to depreciation expense in the amount of: At the end of 2018, consolidation eliminating entries (R) and (O) together will have what effect on consolidated other comprehensive income (increase or decrease)?

The largest magazine publisher in the U.S., Pressworks Inc., acquired a cloud-based data science marketing company FlowData Stream for $220 million in January 2020. Pressworks Inc. is a legacy paper-based magazine publisher that has been in business for more than 50 years. Over the years, the company has been able to manage through the digital transformation of traditional print business, but it has not been easy. Over the last 8 years, Pressworks Inc. has downsized its print operations to manage expenses, while maintaining some major global fashion magazine brands. Several of Pressworks Inc’s print magazine customers have also begun to scale-back their print circulations while ramping up their digital transformations. Many of Pressworks Inc.’s traditional customers have questioned the company’s ability to skillfully transition from print to digital. FlowData Stream helps businesses of all sizes manage ad spend and maximize their online advertising budget on platforms including Google Ads, Bing, and Facebook. They develop complex, customized algorithms that provide several different data points that allow customers to better understand targeted buyers’ behavior. FlowData Stream has a strong computer science and engineering team that have consistently changed the way advertisers reach desired target markets. The company manages approximately one billion dollars in advertising spend for tens of thousands of companies across the world. FlowData Stream is estimated to generate $85 million in revenue and $25 million in earnings this year.

Given this information, answer the following question. Describe four different reasons why Pressworks Inc. would purchase FlowData Stream. Please discuss why these four reasons are of interest to Pressworks Inc

4. A U.S. company borrows HK$1,000,000 from a Hong Kong bank on November 1, 2019, when the spot rate is $0.127/HK$. The loan carries an interest rate of 3%, and principal and interest are due on April 1, 2020, in Hong Kong dollars. The spot rate on December 31, the company’s year-end, is $0.128/HK$. On April 1, the company pays principal and interest to close the loan. The spot rate on April 1 is $0.124/HK$. The average spot rate for the period November 1 – April 1 is $0.1272/HK$.

Using the attached T-account template, prepare all necessary journal entries to record the above events on the U.S. company's books, including year-end adjusting entries.

Bensen Company began operations when it acquired $26,500 cash from the issue of common stock on January 1, 2018. The cash acquired was immediately used to purchase equipment for $26,500 that had a $4,500 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $4,000 cash. Bensen uses straight-line depreciation:

Prepare income statements, statements of changes in stockholders’ equity, balance sheets, and statements of cash flows for each of the five years. Present the statements in the form of a vertical statements model.

Panama Company acquired 60 %
of Samoa Corporation on 1/2018. Fair values of Samoa's assets and liabilities
approximated book values on that date. Panama uses the initial value method
to account for its investment in Samoa.
On 1/2019, Panama bought equipment from Samoa for $60,000 that had
originally cost Samoa $120,000 and had $ 90,000
of Accumulated depreciation at the time. The equipment had a five-year
remaining life and was being depreciated using the straight line method.
You are preparing the worksheet for the 2020 fiscal year.
a. Was this equipment sale upstream or downstream?
b. How much unrealized net gain from the equipment transfer remains at the
beginning of 2020? (this is the amount you will need for the *TA entry at 1/2020.)
c. Which company's Retained earnings account will be adjusted in the *TA entry
in part a? (Which company was the “initiator” of the transaction?)
d. How much excess depreciation will there be in each of the first five years
after the transfer?
e. Panama's 2020 net income, without including any investment income, was
$ 360,000 and Samoa reported net income of $ 115,000 in 2020.
What consolidated income will be reported before removing the noncontrolling
interest's share of the subsidiary's net income? (This includes the effect
of the ED entry.)
f. What will the noncontrolling interest's share of the subsidiary's net income be for
2020? (Consider whether the equipment sale had been upstream or downstream.)

Buch Company acquired a piece of equipment in Year 1 at a cost of $100,000. The equipment has a 10-year estimated life, zero salvage value, and is depreciated on a straight-line basis. Technological innovations take place in the industry in which the company operates in Year 3. Buch gathers the following information for this piece of equipment at the end of Year 3: Expected future undiscounted cash flows - $75,000 Present value of expected future cash flows - $55,000 Net selling price - $63,000 What is the impairment loss under U.S. GAAP? Question 8 options: $0.

$15,000.

$7,000.

$9,000.

As of March 2020, the average unemployment rate in Europe (6.6%) is higher than in the U.S. (3.5%).

A. Explain one difference between the European and U.S. economies that is consistent with more structural unemployment in Europe.

B. Explain one difference between the European and U.S. economies that is consistent with more frictional unemployment in Europe.

Q1. Which of the following is directly included in the U.S. GDP for 2020?

i. 2020 Cadillac Escalade produced and sold as a new car in the United States in 2020

ii. tires produced in the United States, purchased by General Motors, and installed on a new Cadillac Escalade sold in 2020

iii. General Motors cars produced in Canada because General Motors is an American corporation.

Q2. As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by

a. only the value of the output produced by the newly working women.

b. only the value of the household work they are now hiring someone to perform.

c. the value of the output produced by the newly working women plus the value of any household work they are now hiring someone to perform.

d. the value of the output produced by the newly working women minus the value of the household work they were previously performing.

Q3. The base year is 2018. A country only produces Blu-ray players. The price of a Blu-ray player in 2018 was $100. The price of a Blu-ray player was $90 in 2019. The quantity of Blu-ray players produced in 2018 was 10,000 units and in 2019 was 10,500 units. Nominal GDP in 2018 was____, real GDP in 2018 was, nominal GDP in 2019 was _____and real GDP in 2019 equals_____.

Group of answer choices

a. $1,000,000; $1,000,000; $945,000; $1,050,000

b. $1,050,000; $1,000,000; $900,000; $945,000

c. $945,000; $900,000; $1,000,000; $1,050,000

d. $900,000; $945,000; $1,050,000; $1,000,000

Donny and Mary decided to incorporate an entertainment and production company to be named
Wayang Hebat Sdn Bhd. They submitted relevant documents to the Companies Commission on
1st March 2020 and a notice of registration was issued immediately on the next day. Upon
incorporation, all their belongings were sold to the company and they gained substantial profit of
RM100,000. A disclosure of profits worth RM50,000 was made to the board of directors and
was later ratified.
On the 15th February 2020, Donny entered into a contract with Merdeka Studio for the making of
a TV drama. The contract amongst others required Merdeka Studio to create a TV drama for
Wayang Hebat Sdn Bhd who shall later pay a sum of RM50,000 to the former once the TV
drama is completed and aired by any television networks. Upon receiving the TV drama on 1st
April 2020, Wayang Hebat Sdn Bhd sold it to a well-known television station and was aired
twice since then. To date, Merdeka Studio has yet to receive any payment from Wayang Hebat
Sdn Bhd. When asked for the payment, Wayang Hebat Sdn Bhd refused to be bound by the
contract on the grounds that no approval was given to Donny to enter into such a contract on the
company’s behalf.
Based on the above given situations, advise Wayang Hebat Sdn Bhd on the following matters:

a) The sale by Donny and Mary of their belongings to Wayang Hebat Sdn Bhd
b) The contract with Merdeka Studio.