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Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012. The land cost $500,000. GAU reports under IFRS and revalues its land. On December 31, 2017, the fair value of the land is $450,000. On December 31, 2020, the fair value of the land is $520,000. ? Provide all necessary journal entries for 2012 through 2020.
Annie gives her son stock with a basis in her hands of $52,000 and a fair market value of $48,000. No gift tax is paid. Son subsequently sells the stock for $49,000. What is his recognized gain or loss?
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Educational Incentives
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List all the entries made by Spectacor in the final year of the lease.
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
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