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The answer I just got. I still wonder why year 2024-2029. In the question given only from 2012-2021
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- Finn Berge realized his lifelong dream of becoming a vineyard owner when he was ableto purchase the Hillside Vineyard at an estate auction in August 2019 for €750,000.Finn retained the Hillside name for his new business. The purchase was risky becausethe growing season was coming to an end, the grapes must be harvested in the nextseveral weeks, and Finn has limited experience in carrying off a grape harvest.At the end of the first quarter of operations, Finn is feeling pretty good about his earlyresults. The first harvest was a success; 300 bushels of grapes were harvested with avalue of €30,000 (based on current local commodity prices at the time of harvest).And, given the strong yield from area vineyards during this season, the net realizablevalue of Finn's vineyard has increased by €15,000 at the end of the quarter. After storingthe grapes for a short period of time, Finn was able to sell the entire harvest for €35,000. 4 Instructions(a). Prepare the journal entries for the Hillside…Kryptonite is a telecommunications provider located in Iowa with hundreds of thousands of employees. Their CEO, Clark Klein, is considering the replacement of their expensive Defined Benefit (DB) Pension Plan which requires large contributions every year with a 401(K) where the employees will bear the investment risk. The majority of the workforce is young, and the top executives are all in their 50s and 60s. 1. Who would benefit the most from the change away from the DB plan to a 401(k)?“But I intended to pay it all back, I really did,” Mr. J said as he talked to his manager. How did I ever get into this situation, he thought. Two years ago, Mr. J received the promotion for which he had been working so hard for. In addition, Mr. J’s new manager told him that Mr. J had a very promising future at the company. Mr. J and his wife quickly purchased a new home. Not long after, Mr. J and Janae had their fourth child, and life was great. After having their fourth child, Janae quit work to spend more time with her kids. Suddenly, things started to turn upside down. The economy took a downturn and had a negative impact on Mr. J’s company. His pay, which was based on commission, was reduced nearly 50 percent. Mr. J still worked hard but thought he should be paid more. Unable to find another job, Mr. J resentfully decided he would stay with the company even with the lower pay. Not long after he started receiving lower commissions, Mr. J noticed that the internal controls…
- Kryptonite is a telecommunications provider located in Iowa with hundreds of thousands of employees. Their CEO, Clark Klein, is considering the replacement of their expensive Defined Benefit (DB) Pension Plan which requires large contributions every year with a 401(K) where the employees will bear the investment risk. The majority of the workforce is young, and the top executives are all in their 50s and 60s. A. What type of qualified retirement plan should be recommended instead of the 401(k) if he wants the majority of the benefits to accrue to the top executives?Recently, the owner of a Trader Joe's franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $65,000, and her store made $120,000 in profits (not counting payment to her top manager). She suspected the store could do much better and feared the fixed salary was causing her top manager to shirk on the job. Therefore, this year she decided to offer him a fixed salary of $30,000 plus 15 percent of the store's profits. Since the change, the store is performing much better, and she forecasts profits this year to be $280,000 (again, not counting the payment to her top manager). Assuming the change in compensation is the reason for the increased profits, and that the forecast is accurate, (a) Which compensation method (the old one or the new one) will the manager prefer? Please explain why. (b) Which compensation method (the old one or the new one) would the owner of the franchise prefer? Please explain why. (c) If there was another…3. At 45 years of age, Sean figured he wanted to work for 10 years more and then retire. He had invested heavily over the last 15 years, which had paid off. Sean had $375,000 in the bank and was debt-free. With only 10 years before retirement, Sean wanted to make solid financial decisions. He had located a property that seemed to meet his needs – a well maintained four-unit apartment. The price tag was $375,000, and the apartment required no remodeling. Sean really wanted to have $750,000 to retire with at the age of 55.a) Sean read an article in the local newspaper stating the real estate in the area had appreciated by 5.5% per year over the last 30 years (annual compounding). Assuming the article is correct, what amount would he need to invest right now to have $750,000 in 10 years? b) Sean realizes that he can’t put this amount in real estate right now, so he decides that he can wait until he’s 60 to retire. Whatamount does he need to invest in real estate today in order to have…
- Jerry, who is age 56, was just called into the president’s office at Napa Sunrise, Inc. He just learned that his position has been eliminated in the recent reorganization. While he is devastated, he thinks he may attempt to retire and work on his golf game. Jerry has a retirement plan at Napa Sunrise, which permits lump-sum distributions, and has accumulated some personal savings, but not enough to sustain him until age 65. Jerry also worked for KMA for 30 years and expects to receive a pension from KMA at age 65. He also expects to receive Social Security at age 67. Which of the following is correct? A. Jerry could begin taking substantially equal periodic payments, which would avoid the early withdrawal penalty, but he could not stop the payments until age 59 ½. B. Jerry cannot access his funds at Napa Sunrise prior to full retirement age for the plan. C. Jerry can take any distribution permitted by the Napa Sunrise plan and avoid the early withdrawal penalty…Sunil is 64 years old. For many years he owned a $2 shop which he has operated in a regionalshopping center. Sunil bought the shop in December 1986 when he acquired it at a cost of$120,000. However, because of the long hours involved in running the shop, he decided toreduce his operations. Sunil talked to a real estate agent in September 2020. The agentadvised that under current market conditions the shop if sold as a single unit, would fetch$600,000. Sunil decided not to sell the shop as a single unit. Instead, he decided to divide the shop into four mini-shops and to sell them at $1,200,000 each ($300,000 each). The cost ofdoing this was $70,000 in total. He began subdividing the shop in November 2020 andcompleted the sub-division in March 2021. After the subdivision was completed, Sunil soldeach of the four mini-shops.Required:Citing all relevant legislation and case law, discuss whether Sunil would be assessable on thesale of the four mini shops. Do not calculate Sunil’s tax…Kryptonite is a telecommunications provider located in Iowa with hundreds of thousands of employees. Their CEO, Clark Klein, is considering the replacement of their expensive Defined Benefit (DB) Pension Plan which requires large contributions every year with a 401(K) where the employees will bear the investment risk. The majority of the workforce is young, and the top executives are all in their 50s and 60s. An intern recommends utilizing a DB/K plan, which is a combination DB and 401(k) plan. What are the pros an cons of this plan in this case?
- John Snow has recently retired, and he received a large lump sum settlement from his employer. He would like to invest this money to achieve a stable long term income. He is considering investing in the following two companies: Allied Grocers (AG) are a 3-year-old online grocery retailer that specializes in delivering a wide selection of quality food products through an online platform. Beta Solutions (BS) is an established 10-year-old electronics company that is known for selling the most innovative electronic products and software solutions. Selected financial data for 2019 AG BS Average total assets 1,500,000 4,000,000 Average # of common shares outstanding (no preferred shares) 10,000 10,000 Dividends paid 10,000 50,000 Current Market price per share $95 $165 Net sales 1,300,000 6,300,000 Cost of goods sold 900,000 4,200,000 Gross profit 400,000 2,100,000 Operating Expenses: Administrative…Tom Jones, aged 60, has been running his business for many years. He has decided to take early retirement. His daughter, Sonya, has been working in the business for the last 5 years. Tom would like to transfer the business to Sonya. Alternatively, a local businessman has made an offer to buy the business for 850,000. Sonya has always wanted to travel. She is considering moving to Australia in 2023. She has agreed with her father Tom to take over the business now. Before she leaves she hopes to sell the business to help fund her move to Australia.REQUIRED:Advise Sonya of the capital gains tax liability she would have if she sells the business in 2023.Ten years ago, Valeria and Issac each invested $300,000 to create Xava Corporation. Xava develops and manufactures rock climbing and bungee jumping equipment. The business has become very profitable (it now is valued at $3,000,000), and Issac would like to cash out the profits and sell the business. Valeria, however, wants to reinvest the profits and expand the business into ice diving. Because they have different expectations, Valeria and Issac agree that the best solution is to divide up the company. Issac will receive the bungee division; Valeria, the rock climbing. After the reorganization, Issac sells his stock in the bungee division for $1,500,000 at the beginning of the current year. Valeria retains her ownership of the rock climbing division.. Valeria sells the rock climbing stock for $2,000,000 at the end of six years. Using a 7% discount factor, determine whether Issac or Valeria made a better decision. Assume a 20% tax rate on long-term capital gains. Determine the present…