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On January 1, 2017, Ivanhoe Corporation sold a building that cost $258,210 and that had accumulated depreciation of $105,500 on the date of sale. Ivanhoe received as consideration a $248,210 non-interest-bearing note due on January 1, 2020. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2017, was 9%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)
The amount of gain should be reported
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Affects the bank or book side of bank reconciliation and (ii) represents an addition or a subtraction in bank reconciliation
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Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial item..
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Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,900,000 shares issued? Paid in Capital, $16.10 million? Retained Earnings, $9.10 million? and Treasury Stock, 41,000 shares, $0.902 million. Prepare the stockhold..
Actual activity turns out to be the same as expected activity, the total amount of overhead cost allocated to Product X would
wood company has starting work in process inventory of 216000 and net manufacturing costs of 954000. if cost of goods
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