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Viefleur [7K]
3 years ago
6

38-41. X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey. The adjusted basis of the

New York warehouse was $30,000. The fair market value of the New Jersey warehouse just prior to the exchange was $25,000. In addition to the warehouse, X Corporation also received $8,000 in cash. The amount realized by X Corporation is:
Business
1 answer:
garik1379 [7]3 years ago
6 0

Answer:

$33,000

Explanation:

The computation of the amount realized by X corporation is given below:

= Fair market value to the exchange + cash received

= $25,000 + $8,000

= $33,000

For determining the amount realized by X corporation we simply added the above two items so that the correct amount could come

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3 years ago
Reinhardt Furniture Company has 40,000 shares of cumulative preferred 2% stock, $150 par and 100,000 shares of $5 par common sto
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3 years ago
A new manufacturing machine is expected to cost $278,000, have an eight-year life, and a $30,000 salvage value. The machine will
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