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Kyle forms a corporation and transfers property having a basis to him of $20,000 and a fair market value of $30,000 to the corporation for 1,000 shares of $9 par stock. One year later, Bob transfers property having a basis to him of $2,000 and a fair market value of $4,000 for 100 shares of the stock. Bob is not related to Kyle. The corporation issued no other stock.
a. How much gain does Kyle recognize on his exchange? What is the basis to Kyle of his 1,000 shares?
b. How much gain does Bob recognize on his exchange? What is the basis to Bob of his 100 shares?
c. What gain or loss is recognized by the corporation when it issues its shares to Kyle? What is the basis to the corporation of the property it received from Kyle?
Reisner Company assembled the following information in completing its March bank reconciliation: balance per bank $11,460; outstanding checks $2,325; deposits in transit $3,750; NSF check $240; bank service charge $75; cash balance per books $13,200...
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
The Director of Golf for the Links Group wishes to study the number of rounds of golf played by members on week days. He gathered the following sample information for 520 rounds.
The MedView brochure said, "Only 45 scans per month to cover the monthly equipment rental of $18000." *The footnote at the bottom of the brochure read: *"Assumes a reimbursable fee of $475 per scan."
Evaluate what is Systems Development Life Cycle methodology and how it applies to the American Lafrance Backrupcy case?
Sepracor, Inc., a drug company, reported the following information. The company prepares its financial statements in accordance with GAAP.
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
Calculate the beginning inventory in process for (a) direct material equivalent units and (b) the conversion equivalent units if 10,000 whole units are identified and they are 40% completed.
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
Discuss whether or not these additional disclosures will both have a positive impact on public confidence and influence investors' behavior. Support your position.
Which two components of internal control must management assess when reporting on internal control to comply with Section 404 of SOX?
What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?
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