Luke sold a building and the land on which the building sits to his wholly owned corporation, studemont corp., at fair market value. the fair market value of the building was determined to be $362,500; luke built the building several years ago at a cost of $310,000. luke had claimed $81,000 of depreciation expense on the building. the fair market value of the land was determined to be $252,000 at the time of the sale; luke purchased the land many years ago for $194,250. problem 11-46 part-a a. what is the amount and character of luke’s recognized gain or loss on the building?
Answers: 2
Business, 21.06.2019 16:00
Jodi is trying to save money for a down payment on a house. she invests $6,000 into an account paying 5.5% simple interest. for how long must she save if she needs $7,300 for the down payment? a. 2 years b. 3 years c. 4 years d. 5 years
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Business, 22.06.2019 20:00
During the month of march 2017, weimar world, a tax-preparation service, had the following transactions. * billed $496,000 in revenues on credit * received $164,000 from customers' accounts receivable * incurred expenses of $194,000 but only paid $87,700 cash for these expenses * prepaid $32,220 for computer services to be used next month what was the company's accrual basis net income for the month? select one: a. $302,000 b. $264,080 c. $ 41,860 d. $408,300 e. none of the above
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Business, 23.06.2019 07:30
Which of the following conditions might result in the best financial decisions? a. agreeableness b. openness c. conscientiousness d. extraversion
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Business, 23.06.2019 09:50
Frick (1991) claimed that computers would become so powerful that k-12 educators and students would be able to produce their own multimedia and web-based learning materials. he predicted that teachers and students would soon be able to use computer-video technology to produce their own learning materials. all it would require is time, know-how, and some funds.
Answers: 3
Luke sold a building and the land on which the building sits to his wholly owned corporation, studem...
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