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Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an adjusted basis of $70,000 and a FMV of $150,000. The FMV of the stock received is $180,000, and he also receives $20,000 cash. The realized and recognized gain on the second asset is?
A) $80,000 realized; $20,000 recognized.B) $80,000 realized; $15,000 recognized.C) $20,000 realized; $10,000 recognized.D) $10,000 realized; $10,000 recognized.
A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?
H2O Innovations: Identify a new capital project. Describe the project and problems you are going to have in estimating the cash flow that might be emanating from the initial investment and problems in getting it funded. Issues might be:
on january 1 f the current year, feller corporation issued $3000000 of 10% debenture bonds on a basis to yield 9%,receiving $3134580. interest is payable annually on december 31 and the bonds mature in 6 years.the effective interest method is used..
HOTco, a U.S. C corporation, invents a control panel to make furnaces heat up faster. HOTco sells these control panels exclusively in the U.S. HOTco does not wish to operate abroad and, therefore, HOTco licenses its control panel know-how to FORco..
Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million
On June 30, 2011, Georgia-Atlantic, Inc., leased a warehouse facility from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease terms, payable each June 30 and December..
Make a solution using strategic variables available to you to sustain the economic profits firm can earn. What are some of pricing strategies which you would recommend? What are some of the nonpricing strategies which you would recommend?
edward company's required rate of return is 15%. the company can purchase a new machine at cost 40,350/. the new machine would generate cash inflows of 15,000 per year and have a four-year life with no salvage value. compute the machine's net pres..
Regarding the gift splitting provision of 2513, comment on the following.
Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.)
What are the elements of negligence? How does an intentional tort differ from negligence? Provide examples. How does the strict liability doctrine apply to the practice of accounting? Provide examples.
Calculate the amount of accumulated depreciation to be debited or credited in the preparation of the 2009 consolidated balance sheet.
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