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Unrecaptured Sec. 1250 Gain and 1231. Mr. Briggs purchased an apartment complex onJanuary 10, 2011, for $2 million with 10% of the price allocated to land. He sells thecomplex on October 22, 2013, for $2.5 million. Assume that 10% of the $2.5 millionselling price is allocated to land and 90% is allocated to the building.a. How much depreciation was allowed for 2011?b. How much depreciation is allowed for 2013?c. Will any of the gain be ordinary income?d. What is the amount of gain and the character of the gain on the sale of the building?e. What is the amount of gain and the character of the gain on the sale of the land?f. Will any of the gain be taxed at 25%?Help please36Crystal Corporation has the following information regarding its common stock: $10 par, with 500,000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2013, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share.Required:1. Prepare the journal entries to record declaration and payment of this stock dividend.2. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend
Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices, what accoun
Allocation of Joint Costs Whereas two or more products of relatively high value emerge simultaneously from a single process, they are named as joint products. The processes s
A co has a standard costing system. the following are avaiable for september: actual quantity of direct materials purchased and used: 20,000 pounds Standard price of direct mater
Harriet Ltd is a trading company set up a number of years ago with 5,000 £1ordinary shares issued at par. In order to expand the production facilities it needs to raise a further £
A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of d
1. The table below gives data for Southland where there are three consumption goods: bananas, coconuts and grapes. Goods Quantity in base period basket
9. When in the management process do managers seek an answer to the question "Did we meet our cost-reduction goals for non-value-adding activities?" a. Planning b. Performing c. Ev
How many pounds of guava puree are required? a. In a month? b. How many in a year? In computing the Total Landed cost for mango concentrate, we are interested in the incre
Pauline's Pastry Shop decides to remodel its offices this year. As part of the remodeling, Pauline's trades furniture with a cost of $12,000 that had been expensed in the year of p
Q. What is the idyllic minimum or maximum population required to use fca? Ans. FCA is not depending on size. It is merely a common-sense approach to overseeing money and k
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