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Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years. In addition, Kyle paid $6,000 in commissions on the sale. What is the gross profit to be recognized in the current year?
A. $0
B. $9,600
C. $12,000
D. $30,400
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
Using the general rule calculates Martin's taxable income for 2011 from the retirement plan and distributions
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On January 1, 2009, Frederich Corporation purchased 7,500 shared of SportTech, Inc. as a Long-term investment for a total of $235,000.The 7,500 shares represent 30% of the outstanding (25,000) shareds of SportTech. Prepare the journal entries for ..
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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.
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