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Sergio039 [100]
3 years ago
13

In 2019, Dan transferred 5-year property to Fleck Corp. in a tax-deferred Section 351 transaction. Fleck took Dan's adjusted bas

is in the property. Dan originally placed the depreciable property in service in 2017. What year of the depreciation schedule will Fleck use to depreciate the property
Business
1 answer:
irina1246 [14]3 years ago
7 0

Answer:

The property will be depreciated using the remaining 3 years of its life after the tax-free incorporation transfer year.  This is because Dan had already depreciated the property for 2 years before the transfer.

Explanation:

Sec. 351 allows a tax-free incorporation transfer if certain requirements are met, including that the property must be transferred to Fleck Corporation by Dan in exchange for stock in Fleck Corporation, and, immediately after the exchange, the Fleck Corporation is in control.

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A company issues $100,000 face value, zero-coupon, 4-year U.S. corporate bonds on January 1, 20XO, when the market rate for simi
aivan3 [116]

Answer:

Amount = Maturity/(1+risk rate)⁴

Amount = $100,000/(1+0.12)⁴

Amount = $63,552 (Approx)

Interest payable = $63,552 x 0.12

Interest payable = $7,626 (Approx)

Interest payable (2nd period) = ($63,552+$7,626) x 0.12

Interest payable (2nd period) = $8,541 (Approx)

Explanation:

                           JOURNAL ENTRY

                                BOOKS OF (.....)

Date          Account title         Debit   Credit

       Cash a/c                   Dr    $63,552  

                  To Bonds payable a/c    $63,552

1st-period    

             Bond Interest a/c       Dr   $7,626

         To Bonds payable a/c                  $7,626

2nd-period  

             Bond Interest a/c       Dr   $8,541

         To Bonds payable a/c                  $8,541

6 0
2 years ago
Describe the nature and types of businesses. ​
const2013 [10]

Answer:

The nature of business is a statement about a company's offering to its clients, its industry, legal structure, or any other distinctive qualities of the business. For example, if you say a company in the “private sector”, you evaluate the nature of the company based on its nature to earn profits.

Explanation:

Hope This Helps,

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8 0
2 years ago
The only expenses that can be reduced in order to produce more savings are ""Non-essential Expenses"" and ""Essential (Variable)
Y_Kistochka [10]

Answer:

The statement is false

Explanation:

Non- essential expense is the expense which is spent on the extra things, which means it is not essential to meet the needs. Whereas the essential expense are those expenses which are spend on consuming the things required for living. For example food, cloth.

So, both the expenses are those expense which are necessary for an individual or person and therefore, cannot be reduced in order to produce the more savings.

8 0
3 years ago
Read 2 more answers
_____________ are a form of financial instrument through which corporations and governments borrow money from financial investor
makkiz [27]

Answer:

Bonds

Explanation:

Bonds are financial instruments that are used to obtain funding from the bond holders. It is a debt security that is issued by a government or corporation to investors.

When investors buy bonds the funds are used by governments for its operations and various projects. Interest is paid on the bonds.

Bonds can be municipal bonds or corporate bonds.

Unlike shares bonds does not grant the holder an equity or ownership stake in the company, rather it grants a creditor stake.

3 0
3 years ago
Prepare a bank reconciliation for Cole Co. assuming the following as of May 31. Use the worksheet provided in the Ch 7 Module: 1
goblinko [34]

Answer:

Cole Co.

Bank Reconciliation Statement

Balance as per cash account adjusted $112,933

add uncredited deposits                             11,317

less Outstanding checks                         -41,750

Balance as per bank statement            $82,500

Explanation:

a) Data and Calculations:

Cash account debit balance = $95,250

Bank statement balance = $82,500

Outstanding checks = $11,317

Credit memorandum $18,000

Collection fee $45

Check 1115 for Rent Expense of $1,350 transposed as $1,050 = $300 ($1,350 - $1050)

Uncredited deposits = $41,750

Interest earned = $28

Cash Account Adjustment:

Cash account debit balance        $95,250

Debit:

Credit memorandum                      18,000

Interest earned                                      28

Credit:

Collection fee                                       -45

Rent Expense (understated)             -300

Adjusted cash account balance $112,933

b) The bank reconciliation statement above was prepared after adjusting the cash account with items that were recorded by the bank but not recorded by Cole Co. and other misstatements.  With the adjusted cash account balance, the bank reconciliation was then carried out with the items that were not recorded by the bank.  The resulting figure should agree with the bank statement balance.

4 0
3 years ago
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