Answer:
$248,000
Explanation:
According to the historical cost principle, the fixed assets should be recorded at the purchase price or the acquired price.
Since in the question it is mentioned that the land is purchased from Lear inc for $248,000 and the other transactions are also there
So here the land should be recorded at the purchase price i.e. $248,000
Incomplete question. Answered from a general perspective.
<u>Explanation:</u>
The following two circumstances may warrant a professional response to an online post:
- when the comment constitutes misleading/false information about the company.
- the comment indicates a sincerely confused customer wanting to solve an issue or get answers to their query.
Guidelines:
- Maintain formality in reply
- Be polite in reply
- Express appreciation for the feedback.
- Apologize where necessary.
- Reinstill trust.
Answer:
False.
Explanation:
Punitive damages are the damages that a defendant pays in addition to actual damages. Punitive damages are awarded by a court when the defendant's behavior is found to be intentional or negligent.
In the cases of tort liability, the court applies punitive damages when defendants motif is proved to be intentional.
Therefore, the given statement is false, as the court impose punitive damages for intentional tort.
Answer:
$2,300
Explanation:
Assuming that the requirements for qualified plan awards are otherwise satisfied, each award by itself would be excluded from income.
The excludable amount or deduction is $1,600 out of total amount of awards.
Total amount of awards = Design + Graphic + Employee of the year
= $1,340 + $1,775 + $785
= $3,900
Taxable awards = Total amount of awards – Excludable amount
= $3,900 – $1,600
= $2,300
However, because the $3,900 total value of the awards is more than $1,600, Keren must include $2,300 in his taxable income.
