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Two independent companies, Hager Co. and Shaw Co., are in the home building business. Each owns a tract of land held for development, but each would prefer to build on the other's land. They agree to exchange their land. An appraiser was hired, and from her report and the companies' records, the following information was obtained: Hager's Land Shaw's Land Cost and book value $384,000 $240,000 Fair value based upon appraisal 480,000 420,000 The exchange was made, and based on the difference in appraised fair values, Shaw paid $60,000 to Hager. The exchange lacked commercial substance. For financial reporting purposes, Hager should recognize a pre-tax gain on this exchange of
When attaching a button on a man's overcoat, you can best reduce heavy strain on the button by reinforcing the button with
After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to Barbara?
jose purchased a house for 300000 in 2010. he used the house as his personal residence. in march 2013 when the fair
Sun estimates the fair value of the recourse liability at $100,000. What would be recorded as a gain (loss) on the transfer of receivables?
sale of accounts receivable the company sells undivided interests in designated pools of qualified accounts receivable
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beagle corporation has 20000 shares of 10 par common stock outstanding and 10000 shares of 100par 6 cumulative
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