Answer:
$62,000
Explanation:
Calculation for Devin’s recognized gain
Fist step in to calculate the Consideration amount received by Devin’s
Consideration received by Devin’s=$65,000×0.80+$5,000+$20,000
Consideration received by Devin’s=$77,000
Second step is less the adjusted basis to the Consideration received by Devin’s in order to know the gain
Consideration received by Devin’s $77,000
Less Adjusted basis $15,000
Gain $62,000
($77,000-$15,000)
Therefore Devin’s recognized gain is $62,000
Net pay refers to the amount what you actually get to take home. we can say that it’s your gross pay from which taxes are deducted. For example, if your gross pay is $3,000 and you paid $600 in taxes, benefits and other deductions, that would make your net pay $2,400.
YTD is an abbreviation which is used for year-to-date. So if you get your paycheck on June 1, your year-to-date earnings will reflect everything you’ve earned since January 1.
Answer:
Dr Cash account 100
Cr Common Stock account 100
Explanation:
When a company sells stock they must record the value of the stock sold at par value in the common stock account. Any extra money received should go to the capital paid-in excess of par value account.
In this case, Niren sold 100 shares at par value ($1), so $100 should be recorded in the common stock account.