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Mashutka [201]
3 years ago
15

Kansas Company acquired a building valued at $162,000 for property tax purposes in exchange for 12,000 shares of its $3 par comm

on stock. The stock is widely traded and selling for $19 per share. At what amount should the building be recorded by Kansas Company?
Business
1 answer:
Neko [114]3 years ago
8 0

Answer:

$228,000

Explanation:

Value of the building

= Market price of the shares x Number of shares exchanged

= 12000x$19

=$228,000

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My carrots have grown sprouts, are they still good?
Nataliya [291]
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3 years ago
Carter is the principal broker of a Missouri real estate branch office. Kathleen, a broker-salesperson, was appointed the superv
Nitella [24]

There are different aspect to being a broker. To whom do the listings belong is  Carter as the principal broker.

<h3>Who is principal broker? </h3>
  • Note that in real estate office, there has to be a principal or designated broker. This is known to be an individual who is responsible for managing or the person who oversees all licensed real estate agents at a specific firm.

He or she makes sure that agents are working in compliance with state and national real estate law.  Based on  the scenario between Carter and Kathleen and Holly, the listings belong is  Carter as the principal broker.

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8 0
2 years ago
When a classified balance sheet is prepared, merchandise inventory is:
adell [148]

Answer:

The correct answer is (C) Reported as a current asset.

Explanation:

The current asset, also called a current or liquid asset, is the asset of a company that can become liquid (become money) in less than twelve months. For example, bank money, stocks, and financial investments.

We can also understand the current asset as all those resources that are necessary to carry out the day-to-day activities of the company. It is known as current because it is a type of asset that is in continuous movement, can be sold, used, converted into liquid money or delivered as payment without too much difficulty.

8 0
3 years ago
Ralph gives his daughter, angela, stock (basis of $8,000; fair market value of $6,000). no gift tax results. if angela subsequen
Andreas93 [3]

Answer:

D) $2,000

Explanation:

Angela's basis on the stocks will be the same as her father's. Since she sold the stocks, her basis will be $8,000, so her recognized gains will = selling price - basis = $10,000 - $8,000 = $2,000

The IRS allows the donee (Angela) to use the doners (Ralph) basis when selling an asset received as a gift in order to determine the realized gain/loss.

6 0
3 years ago
Read 2 more answers
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