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Problem - Ron, David, and Mary formed Widget, Inc. Ron and David each received 40% of the stock, and Mary received the remaining 20%. Ron contributed land with an FMV of $70,000 and an adjusted basis of $20,000. The corporation also assumed a $30,000 liability on the property. David contributed land with an FMV of $30,000 and an adjusted basis of $15,000. David also contributed $10,000 in cash. Mary received her stock for services rendered. She would normally bill $20,000 for these services. What is Ron's basis in the corporate stock received?
a. $0
b. $20,000
c. $40,000
d. $70,000
Thomas Company incurs these expenditures in purchasing a truck: cash price $24,000, What is the cost of the truck
the inventory at may 1 and the costs charged to work in process-department b during may for stella company are as
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dane cosmetics is evaluating a new fragrance-mixing machine. the machine requires an initial investment of 24000 and
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Gregor Inc. uses the LIFO cost-flow assumption to value inventory. Inventory for Gregor on January 1, 2011 was 100 units at a LIFO cost of $25 per unit. During the first quarter of 2011, 200 units were purchased costing an average of $40 per unit, an..
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Frontier Leaders Inc. reported the following results for the year ending July 31, 2010:
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