Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2018 through 2021 except for differences in depreciation on an operational asset. The asset cost $220,000 and is depreciated for income tax purposes in the following amounts:

  
The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes.
  
Income amounts before depreciation expense and income taxes for each of the four years were as follows.
   

  
Assume the average and marginal income tax rate for 2018 and 2019 was 30%; however, during 2019 tax legislation was passed to raise the tax rate to 40% beginning in 2020. The 40% rate remained in effect through the years 2020 and 2021. Both the accounting and income tax periods end December 31.
   
Required:
Prepare the journal entries to record income taxes for the years 2018 through 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

According to The Myths Of Innovation book by Scott Berkuns, innovation happens randomly, and that anyone can stumble across a new breakthrough. Do you think this might happen to you one day? please explain

"Economics of Innovation and Intellectual Property Rights:
- Patents, copyrights, and trademarks - R&D races, digital innovation- regulation of digital platforms."

Write a half-page post, adding your own analysis and comments.

The following data is provided for a market 500 Index:                                                               
                                                                                    
                        Year     Total return     Year     Total return                 
                        2010    9.0%                2020    2.0%                
                        2011    11.0%             2021    3.0%                
                        2012    -3.0%               2022    3.0%                
                        2013    1.0%                2023    -1.0%               
                        2014    5.0%                2024    5.0%                
                        2015    -12.0%             2025    4.0%                
                        2016    3.0%                2026    -3.0%               
                        2017    4.9%                2027    3.5%                
                        2018    -7.0%               2028    7.0%                
                        2019    0.1%                2029    5.8%                
                                                                                    
Calculate the 20-year arithmetic average annual rate of return on the market Index.

A) 2.07%

B) 0.10%

C) 2.59%

D) 5.62%                                                          

The stockholders’ equity section of Fleming Corporation at December 31, 2009, included the following: 6% preferred stock, $100 par value, cumulative, 15,000 shares authorized, 10,000 shares issued and outstanding $1,000,000 Common stock, $10 par value, 250,000 shares authorized, 200,000 shares issued and outstanding $2,000,000 Dividends were not declared on the preferred stock in 2009 and are in arrears. On September 15, 2010, the board of directors of Fleming Corporation declared dividends on the preferred stock to stockholders of record on October 1, 2010, payable on October 15, 2010. On November 1, 2010, the board of directors declared a $2.50 per share dividend on the common stock, payable November 30, 2010, to stockholders of record on November 15, 2010.

Prepare the journal entries that should be made by Fleming Corporation on the dates indicated below:

September 15, 2010

November 1, 2010

October 1, 2010

November 15, 2010

October 15, 2010

November 30, 2010

Please show work and explain why

Use the following ratio information for Johnson International and the industry averages for Johnson’s line of business to construct the DuPont system of analysis for both Johnson and the industry.

ABC Co.'s balance sheet includes the following asset, at December 31, 2019 after annual depreciation has been recorded:

       Equipment....................................................... $120000

       Less: accumulated depreciation....................... (40000)

       Net Book value ................................................. $80000

After performing its annual review for impairment, ABC Co. obtains the following data:

       Equipment’s value in use.................................. $78000

       Equipment’s fair value less disposal costs.......... 76000

The remaining useful life of the asset at January 1, 2020 is 8 years. ABC Co. applies straight-line depreciation to its equipment assets and the equipment has a $6000 residual value. ABC Co. uses IFRS.

Required:

1. Determine the amount of impairment loss (using the rational entity impairment model).
2. Prepare the entry to record the impairment loss.
3. Prepare the journal entry to record the 2020 depreciation.
4. Assume the carrying value of the equipment, after recording 2020 depreciation, at December 31, 2020 is $69000 and that the carrying value of the equipment would have been $70750 if no impairment had been taken in 2019. The recoverable amount of the equipment at December 31, 2020 is $70000. Prepare the journal entry to record the impairment recovery for 2020.

ABC's balance sheet includes the following asset, at December 31, 2019 after annual depreciation has been recorded:

       Equipment......................................................... $95000

       Less: accumulated depreciation....................... (25000)

       Net Book value ................................................. $70000

After performing its annual review for impairment, ABC obtains the following data:

       Equipment’s value in use.................................. $58000

       Equipment’s fair value less disposal costs.......... 62000

The remaining useful life of the asset at January 1, 2020 is 5 years. ABC. applies straight-line depreciation to its equipment assets and the equipment has a $5000 residual value. ABC uses IFRS.

Required:

1. Determine the amount of impairment loss (using the rational entity impairment model).
2. Prepare the entry to record the impairment loss.
3. Prepare the journal entry to record the 2020 depreciation.
4. Assume the carrying value of the equipment, after recording 2020 depreciation, at December 31, 2020 is $50600 and that the carrying value of the equipment would have been $57000 if no impairment had been taken in 2019. The recoverable amount of the equipment at December 31, 2020 is $56000. Prepare the journal entry to record the impairment recovery for 2020.

1. a. Explain what is meant as the neutrality of money. b. Using the closed economy model we discussed in class, demonstrate and describe how money may or not hold in the short-run and long-run after a change in monetary policy.