It assesses the following learning outcomes:
Jim holds 10% of the capital of Private Holding Inc., a company dedicated to Real Estate investments.
In order to make an investment in a new project, the company issued on 1st of January 2020 1,000 11% cumulative preferred stocks of $1,000 face value
The company also provided some financial services to clients but decided to sell this segment to Happy Financing Ltd on February 21st 2020.
During the year 2020, Private Holding Inc. obtained a net income from continuing operations of $1,275,000 once deducted the 30% Corporate Income tax
The losses before taxes generated by operating the segment until February 21st 2020 were $75,000. The segment was sold for $100,000, implying a gain before taxes of $32,000 for Private Holding Inc.
In June 2020, a tornado destroyed several apartments held by Private Holding Inc. in the Caribbean, causing a loss before taxes of $1,090,000.
During the year 2020, the company had 150,000 shares of common stock outstanding
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