The stock of Grommet Corporation, a U. S. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. Grommet owns 95 percent of the outstanding stock of Staple Inc., also a U. S. company. Staple owns 100 percent of the outstanding stock of Clip Corporation, a Canadian company. Grommet and Clip each own 50 percent of the outstanding stock of Fastener Inc., a U. S. company. Grommet and Staple each own 50 percent of the outstanding stock of Binder Corporation, a U. S. company. Which of these corporations form an affiliated group eligible to file a consolidated tax return?

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold.mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)