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Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?
a) No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
b) Yes, the matching principle requires that the cost be expensed in the period of purchase.
c) No, the cost needs to be allocated to the years of expected use.
d) Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.
Big Corporation distributed land to its sole shareholder, Little Corporation, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and Big Corporation's adjusted basis in the land was $200,00..
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An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale?
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