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Inessa05 [86]
3 years ago
7

In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified charity. The museu

m included the painting in its permanent collection. Oriole Corporation purchased the painting five years ago for $10,000. Oriole’s charitable contribution deduction is $____________.
Business
1 answer:
n200080 [17]3 years ago
6 0

Answer:

$30,000

Explanation:

Oriole Corporation purchased the painting five years ago for $10,000. In the current year, the cost of the same painting is $30,000. Oriole Corporation donated this painting to the Texas Art Museum.

So, Oriole’s charitable contribution deduction is <u>$30,000</u> as the current value of the painting is $30,000.

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Bell Inc. took a physical inventory at the end of the year and determined that $830,000 of goods were on hand. In addition, Bell
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Answer:

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Inventory at end of year - $830,000 + $60,000 + $90,000

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