Answer: The correct answer is " b. $0 and $450,000. ".
Explanation: First we must calculate the amount for which we change the warehouse ($ 350,000 + $ 150,000) = $ 500,000.
The adjusted base of the warehouse was $ 600,000.
Therefore there is a loss of $ 100,000, which is not recognized because it is not realized at that time in the face of an exchange of such characteristics, the base of the office building must be calculated taking into account the postponed loss:
Fair market value ($ 350,000) + Postponed loss ($ 100,000) = $ 450,000.
Answer:
Protect the Public by Educating and Licensing Sales Associates and Brokers and creating real estate laws.
Explanation:
The Florida Real Estate Commission (FREC) was established primarily for the protection of the public by educating and reguating real estate licensees. The commission make real estate laws, creates licensing criteria for sales associates and brokers. All these are done primarily to protect the public.
Of the 7 members appointed by the Governor, one is a licensed sales associate or broker and must have held an active license for at least 2 years before the appointment. Four other members are licensed brokers with atleast 5 years active license. The final 2 members must be individuals who have never been sales associates or brokers.
Answer: The sporting event takes place.
Explanation:
By the Revenue Recognition principle of Accrual based accounting, revenue is only to be recognized when it is earned. In other words, it should only be recognized if the service or good that was paid for has been delivered.
In the above scenario, the service to be delivered is the sporting event. As such, the event promoter should only recognize the revenue when the sporting event is delivered by taking place if they are going by the Revenue recognition principle which is a principle recognized by both U.S. GAAP and IFRS.
Answer:
D. Commission.
Explanation:
A commission can be defined as a charge for the service provided by an agency or broker or investment advisor. Investment advisor or broker who gives advice regarding investment, or handle purchases, or sell securities for their client charge an amount of money for their service. In securities industry, when a broker or investment advisor charge a sum of money in return for their service to their clients, this charges or compensation is known as commission. An advisor who charges commission earns money by selling investment products or buying investment products on their client's behalf.
Therefore, option D is correct.
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