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Jannelle exchanges a machine used in her trade or business for another machine. In addition, she gives 200 shares of Intel stock which have a fair market value of $38,000 and a basis of $29,000. The old machine has an adjusted basis of $36,000 and the new machine has a fair market value of $80,000. What is the recognized gain or loss and the basis of the new machine?
a. $6,000 and $74,000.
b. $9,000 and $74,000.
c. $6,000 and $80,000.
d. $9,000 and $80,000.
e. None of the above.
Compute the income or loss before taxes recorded by Krawczyk for the years ended December 31, 2011, and 2012,as a result of the above transaction, assuming that the installments are collected as due under the contract.
What were the limitations of the audit proceedures regarding management assertion of existence in the zzz best case?
The balance sheet for Reading Company reports the following information on July 1, 2010. Reading decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2010.
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
Big Thumbs Company manufactures portable flash drives for computers. Big Thumbs incurs monthly depreciation costs of $15,000 on its plant equipment and monthly advertising costs of $3,000 to place advertisements in magazines. Also, each drive requ..
Susco distributed two assets in a transaction that qualified as a redemption.One asset had an adjusted basis of $100,000 and a fair market of $135,000.
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-..
Companies that use a process-cost accounting system would:
Compute the change in operating income if liberty company eliminates Dept. C and doubles the sales in Dept. T without increasing fixed costs.
A corporation has 1,000 shares of 10 percent, $50 par-value preferred stock and 10,000 shares of $5 par-value common stock outstanding. If the board of the directors decides to distribute dividends totaling $40,000, the common stockholders will re..
Under the proportionate consolidation concept, which of the following statements is true?
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
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