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Crank
3 years ago
10

Fran was transferred from Phoenix to Atlanta She sold her Phoenix residence (adjusted basis of $250,000) for a realized gain of

$50,000 and purchased a new residence in Atlanta for $375,000 Fran had owned and lived in the Phoenic residence for 6 years What is Fran's recognized gain or loss on the sale of the Phoenix residence and her basis for the residence in Atlanta?
A. $0 recognized gain/loss; $375,000 basis
B. $0 recognized gain/loss $425,000 basis
C. ($50,000) recognized loss; $325 000 basis
D. ($50,000) recognized loss; $375,000 basis

Business
1 answer:
Vedmedyk [2.9K]3 years ago
8 0

Answer:

A. $0 recognized gain/loss; $375,000 basis

Explanation:

Please see attachment.

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Explain why each of the following statements is a rationale for conducting active or passive policy: Economic circumstances can
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Answer:

The rationale for conducting active policy is the interest of Congress to alter the state of the economy through a deliberate change in established policies.

But in the case of Passive policy, the government permits the status quo.

Active policy relies on the government to enforce it while passive policy does not need the government's interference to work in stabilizing the economy.

Explanation:

The following statements applies passive policy because the economy is expected to stabilize on it's own without the deliberate act of congress influencing it:

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The following statements is a rationale for conducting active policy since the government's intervention is required:

  • Economists are not very accurate forecasters.
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3 years ago
On December 1, 2018, Shamrock Company received $9,600 from Destiny, Inc. for rent of an office owned by Shamrock Company. The pa
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Answer:

b. credit to Rent Revenue of $3,200

Explanation:

Cash collected in advance results in the the creation of an asset and a liability. Hence a debit to cash account and a credit to deferred revenue. When the revenue is earned, it is recognized as a credit to revenue and a debit to deferred revenue with the amount earned.

Amount earned as at December 31

=  1/3 × $9,600

= $3,200

Entries required

Debit Deferred Rent revenue   $3,200

Credit Rent Revenue                 $3,200

Being entries to recognize revenue earned as at December 31

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Let’s say you are a defense attorney and are defending a client on a murder charge. The victim was found in a dark alley. A witn
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Suppose First Main Street Bank, Second republic bank, and third fidelity bank all have zero excess reserves. The required ratio
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Answer:

The answers are attached in the following two images.  

Explanation:

Consider the data provided by you. The solution of the problems are attached below with the explanations necessary to resolve the problems. If you have any question please ask.

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3 years ago
On 1/1/22 Big Co acquired 60% of Little Co voting stock for $300,000. The fair value of the NC Interest was $200,000 on that dat
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Answer:

1. Particulars                                           Amount

Reported net income of Little               $70,000

Multiply: Ownership share of Big Co       60%

Investment income (from Little)          $42,000

2. Particulars                                                     Amount

Reported net income of Little                         $70,000

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3. Particulars                                                     Amount

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Investment income (from Little)                       $42,000

Less: Dividends received (20000*60%)         $(12,000)

Investment in Little at end of year balance $330,000

4. Particulars                                                                Amount

NC Interest at beginning                                            $200,000

Income to the NC Interest                                          $28,000

Less: Dividends paid to NC Interest (20000*40%)   $(8,000)

NC Interest reported on the 12/31/22                      $220,000

Consolidated Balance Sheet

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