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Questions -
Q1 - Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land in Indiana with a FMV of $80,000 and $20,000 cash. Both parcels of land will be used in Michelle's trade or business. What is Michelle's recognized gain or loss?
Q2 - Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land in Indiana with a FMV of $80,000 and $20,000 cash. Both parcels of land will be used in Michelle's trade or business. What is Michelle's basis in her newly acquired land?
As of January 1 of the current year, Grackle Company had accounts receivable of $50,000. What is the total cash collected in the month of March
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In exchange for all of its stock, Aqua receives: assets (basis of $380,000 and fair market value of $1.8 million), trade accounts payable of $125,000, and loan due to a bank of $375,000. The proceeds from the bank loan were used by Shawn to provid..
Prepare all journal entries in good form for the two month period from November 1 through December 31, 2015. Please prepare any adjusting journal entries in chronological order. The closing entry is not necessary
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Units in ending WIP Inventory were 90% complete for materials and 60% complete for conversion costs
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