The partnership of marks & sparks sustained an ordinary loss of $42,000 in year 1. the partnership, as well as the two partners, are on a calendar-year basis. the partners share profits and losses equally. at december 31, year 1, marks had an adjusted basis of $18,000 for his partnership interest, before consideration of the loss. on his year 1 individual tax return, marks should deduct an(a)
ordinary loss of $18,000 j k l m n
ordinary loss of $21,000 j k l m n
ordinary loss of $18,000 and a capital loss of $3,000 j k l m n
capital loss of $21,000j k l m n

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Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.

The cost of direct labor used in production is recorded as a? a. credit to work-in-process inventory account. b. credit to wages payable. c. credit to manufacturing overhead account. d. credit to wages expense.