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Business, 19.12.2019 02:31 reese12345

Rivendell corporation uses the accrual method of accounting and has the following assets as of the end of 2018. rivendell converted to an s corporation on january 1, 2019. (leave no answer blank. enter zero if applicable.) adjusted asset basis fmv cash $ 46,000 $ 46,000 accounts receivable 36,000 36,000 inventory 139,000 63,000 land 112,000 140,000 totals $ 333,000 $ 285,000 b. assuming the land was valued at $224,000, what would be rivendell’s net unrealized gain at the time it converted to an s corporation?

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