Business, 17.12.2019 03:31 calebbailey2318
Alandowner conveyed his land to his wife, son, and daughter "as joint tenants with right of survivorship." the daughter then conveyed her interest to a friend. the wife subsequently executed a will devising her interest to the daughter. then the son mortgaged his interest to a lender, who promptly and properly recorded the mortgage. the wife died, then the daughter's friend died, leaving a will that bequeathed her entire estate to the daughter. the daughter and the son survived. if the jurisdiction follows the title theory, who owns what interest in the land?
Answers: 1
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On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?
Answers: 3
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