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Anton [14]
3 years ago
13

Bateman Corporation sold an office building that it used in its business for $800,950. Bateman bought the building ten years ago

for $599,525 and has claimed $201,425 of depreciation expense. What is the amount and character of Bateman's gain or loss?
Business
1 answer:
LekaFEV [45]3 years ago
5 0

Answer:

The amount of Bateman's gain is $402,850, in character of profits from the sale of property and equipment

Explanation:

The gain of selling an asset is determined by the formula: Sale price minus Book value. The book value of the building is Cost minus accumulated depreciation. So, the book value is 599,525 - 201,425 = 398,100

Then, the amount of Bateman's gain is equal to 800,950 - 398,100 = 402,850.

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If the recent financial crisis raises awareness about the dangers of not saving, leading to an increase in overall savings rates
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2 years ago
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specialty shopping

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<em>"[a] party may rescind a contract on the ground of duress if the party proves by clear, cogent, and convincing evidence that [it] agreed to the contract because of an improper threat by the other party that left no reasonable alternative."</em>

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3 years ago
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