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Carol owned an office building that had been held more than one year when it was sold for $567,000. The real estate had an adjusted basis of $45,000 for the land and $233,000 for the building. Straight-line depreciation of $162,000 had been taken on the building. What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
The JOhn Company purchased a machine on Nov 1, 2002, for 148,000. At the time of acquistion, the machine was estimated to have a useful life of ten years and an estimated salvage value of $4,000. JOhn has recorded monthly depreciation usiing the s..
What are debits and credits? In your opinion, why do accountants debit asset accounts to increase them but credit liability accounts to increase them?
Prepare the entry to record Poulter's investment in the partnership, assuming the equipment has a fair value of $19,500.
As a senior manager of your information technology group, discuss how you would demonstrate, by example, the importance of security and then propose a method for creating a "security aware" culture. Provide specific examples to support your respon..
Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
What is decentralization? List and describe three potential benefits and three potential problems with decentralization.
Discuss the similarities and differences between the indicators of finance leases under IFRS and the criteria for capitalizing leases under U.S. GAAP and explain which approach you believe most accurately reflects the information on the financial ..
Sandra sold 500 shares of Wren Corporation to Bob, her brother, for its fair market value. She had paid $26,000 for the stock. Calculate Sandra's and Bob's gain or loss.
Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).
What is the differences and similarities between the roles of accountants and auditors. What additional expertise must an auditor possess beyond that of an accountant?
Would your answer in (a) change if 100% of the amount received from Blue was spent annually in carrying out Service's tax-exempt mission.
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