Answer:
A.
DR Foreign Currency Transaction loss 1,000
CR Accounts Payable (SFr) $1,000
Explanation:
When the transaction was agreed on September 3, 20X8, the exchange rate was;
$0.85 : 1 franc
Therefore the $17,000 was valued at;
= 17,000/0.85
= 20,000 francs
When the transaction was paid for however, on October 10, the Franc had gained on the dollar by;
= 0.9 - 0.85
= $0.05
This means that the dollar got weaker by $0.05 so the company made a loss of
= 20,000 francs * 0.05
= 1,000 francs
This will be recorded as;
DR Foreign Currency Transaction loss 1,000
CR Accounts Payable (SFr) $1,000
Answer:
d) $25,000 capital gain and a tax basis in each of her remaining shares of $500.
Explanation:
Calculation to determine the tax consequences to Pam as a result of the stock redemption
Using this formula
Capital gain = Total amount - Tax basis
Let plug in the morning
Capital gain = (50 * $1,000) - ($500 * 50)
Capital gain = $50,000 - $25,000
Capital gain = $25,000
Since the Capital gain is $25,000 which means that The tax basis will be income tax basis in each share of $500 for the remaining 50 shares.
Therefore the the tax consequences to Pam as a result of the stock redemption will be:$25,000 capital gain and a tax basis in each of her remaining shares of $500.
Hey there!
Your answer is:
D, none of these.
Hope this helps!
Have a great day! (:
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