All Assets and Liabilities Are Transferred to the Corporation

question 28

Essay

All assets and liabilities are transferred to the corporation.
3. The common stock is $5 par. Alice and Betty receive a total of 24,000 shares.
4. Disney and Charles share profits and losses in the ratio 6:4.
Required:
a. Prepare the entries on the partnership's books to record (1) the revaluation of assets, (2) the transfer of the assets to the D & C Corporation and the receipt of the common stock, and (3) the closing of the books.
b. Prepare the entries on D & C Corporation's books to record the assets and the issuance of the common stock.

Recognize changes in productive capacity and the introduction of new products as factors affecting monopolistic competition.

Understand the characteristics and outcomes of monopolistic competition, including product differentiation and market behavior.

Differentiate between short-run and long-run equilibriums in monopolistically competitive markets.

Describe the concept of excess capacity and its implications for efficiency in monopolistically competitive markets.

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Definitions:

Behavior Modification

A therapeutic approach that seeks to change undesirable behaviors through the systematic application of the principles of learning.

Cognitive Therapy

Therapy that teaches people new, more adaptive ways of thinking and acting; based on the assumption that thoughts intervene between events and our emotional reactions.

Behavior Modification

A form of psychotherapy that uses basic learning techniques to change maladaptive behaviors to more desirable ones.

Anxiety-arousing

Stimuli or situations that evoke feelings of fear, apprehension, or nervousness in individuals.