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On November 4, 2012, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2012 and 2013, respectively, Blue took $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the wrong percentages (i.e., those for 39-year rather than 27.5-year assets). Blue should have taken $910 and $7,272 cost recovery in 2012 and 2013, respectively. On January 1, 2014, the asset was sold for $180,000.
a. The adjusted basis of the asset at the end of 2013 is $.
b. The cost recovery deduction for 2014 is $.
c. The Select loss gain Item 3 on the sale of the asset in 2014 is $.
Hess uses straight-line amortization. On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
Prepare journal entries to record the transactions and prepare adjusting entries on October 31 to record accrued interest.
Identify the major components of stockholders' equity by examining the Statement of Stockholders Equity. What types of accounts and transaction resulted in major changes in the Stockholder Equity accounts during the most recent year?
Is the University discharged from its obligation of performancce? Is professor Glass discharged from his obligation of performance? Explain, citing the legal principles involved.
Classify the lease as a finance lease or operating lease, and justify your answer.
Brown Company incurred cost of $17000 for material, $13000 for labor, and $16000 for factory overhead. There was no beginning or ending work in process.
Health-Temp Company is a placement agency for temporary nurses. It serves hospitals and clinics throughout the metropolitan area. Health-Temp Company believes it will place temporary nurses for a total of 23,500 hours next year.
calculation of accumulated depreciation.the capital company purchased 3 machines in the past year. information
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Generally accepted accounting principles require that the inventory of a company be reported at:
Classifying Cash Flows- Compute cash from operating activities. Compute cash from investing activities. Compute cash from financing activities.
what amount would be shown in the december 31, 2009 financial statement for realized gross profit on 2008 installment sales, and deferred gross profit on 2008 installment sales, respectively?
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