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geniusboy [140]
3 years ago
13

Joyce’s office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance pr

oceeds of $360,000 she receives, Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. She received only $360,000 because of a co-insurance clause in her insurance policy. What is Joyce’s recognized gain or loss?
$0
$10,000 loss
$10,000 gain
$40,000 gain
None of the above
Business
1 answer:
professor190 [17]3 years ago
3 0

Answer:

$10,000 gain

Explanation:

The computation of recognized loss or gain is shown below:

= Insurance proceeds amount - adjusted basis

= $360,000 - $350,000

= $10,000 gain

So, it would have a recognized gain of $10,000 by considering the amount of insurance proceed and adjusted basis. We ignore all other information which is given in the question

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Answer:

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Explanation:

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Explanation:

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dedylja [7]

Answer:

(C) Log Analysis

Explanation:

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Scorpion4ik [409]

Answer:

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Explanation:

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As in option A, she can ask a few friends whether they've seen the ad or not, but their replies would not accurately show the success of the promotion strategy.

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