Question
Kellye, Becky, and Emily formed Whoop! Shotz Corporation on 1/1/2014 with the following transactions: Kellye contributes $50,000 Cash Becky contributes $50,000 Cash Emily contributes Legal
Kellye, Becky, and Emily formed Whoop! Shotz Corporation on 1/1/2014 with the following transactions:
Kellye contributes $50,000 Cash
Becky contributes $50,000 Cash
Emily contributes Legal Services
Each was given a 1/3 ownership in Whoop! Shotz. What amount of income will Emily recognize, if the company is valued at $150,000 after formation?
-A. $40,000
-B. $0.00
-C. $50,000
-D. $33,333
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A Concise Course On Auditing An Authoritative Text For Stakeholders
Authors: Onyuka Felix McDubus
1st Edition
3844395415, 978-3844395419
