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AVprozaik [17]
3 years ago
13

Sheffield Corp. traded machinery with a book value of $978480 and a fair value of $906000. It received in exchange from Ivanhoe

Company a machine with a fair value of $1023780. Sheffield also paid cash of $102378 in the exchange. Ivanhoe’s machine has a book value of $978480. What amount of gain or loss should Sheffield recognize on the exchange (assuming lack of commercial substance)?
Business
1 answer:
Lemur [1.5K]3 years ago
3 0

Answer:

Gain $72,480

Explanation:

Calculation for the amount of gain or loss that Sheffield should recognize on the exchange

Using this formula

Gain/Loss= Book value – Fair value

Let plug in the formula

Gain/Loss= $978,480 – $906,000

Gain=$72,480

Therefore the amount of gain or loss that Sheffield should recognize on the exchange will be $72,480

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<u>Solution and Explanation:</u>

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Since Mrs B signed a contract with the specific terms that did not include a bonus, a court would not consider an oral agreement based on completing a yet to be written contract under the parol evidence rule.

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3 years ago
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Ainat [17]

Answer: A) The practitioner incorporating the principles of therapeutic use of self.

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4 0
3 years ago
Suppose a stock had an initial price of $58 per share, paid a dividend of $1.90 per share during the year, and had an ending sha
posledela

Answer: Dividend yield is 3.3%

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3 years ago
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