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ryzh [129]
3 years ago
11

Beige Corporation, a C corporation, purchases a warehouse on August 1, 2007, for $1 million. Straight-line depreciation is taken

in the amount of $411,750 before the property is sold on June 11, of the current year, for $1.2 million. What is the amount and character of the gain recognized by Beige on the sale of the realty?
Business
1 answer:
olchik [2.2K]3 years ago
5 0

Answer and Explanation:

The computation of the amount and character of the gain recorded is shown below:

1. Recognized gain would be

= Sales - the cost of the property - recovery cost

= $1,200,000 - $1,000,000 - $411,750

= $611,750

2. Now as per the section 1245 the potential recapture is $411,750

3. Now extra section 291 ordinary income in the case when it is a corporation

= $411,750 ×20%

= $82,350

4. And finally $82,350 would be considered as an ordinary income under section 291 while the remaining balance i.e.

= $611,750 - $82,350

= $529,400

This amount would be considered as a gain under section 1231

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3 years ago
As mentioned in Chapter Case 1, Twitter struggles to grow its user base, which hinders its quest for a competitive advantage. __
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<u>Answer:</u>

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Answer : Increase its user base

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4 0
3 years ago
joye owns a shoe store in a neighborhood with other shoe stores. Demand for the products he sells is probably ​
Serjik [45]

Answer:

Demand for products sold at a store in a neighborhood with other stores is probably elastic

Explanation:

A demand is considered as 'Elastic' if a change in price of the product would strongly affect the quantity of the demand.

Competitors who offer similar products than your organization tend to reduce the amount of demand that come to your store. Existence of competitors give the consumers the options to choose and move around in order to seek the best offers that they can.

As a result, the shoe stores in Joey's neighborhood will have to constantly adjust their price in order to make their products seems appealing compared to the rest of the competitors. This make the demand in Joye's store keep fluctuating depending on the performance of other competitors.

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A natural barrier that faces Argentina when it sells beef to Siberia is: Group of answer choices custom regulations distance gov
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A natural barrier that faces Argentina when it sells beef to Siberia is distance.

<h3>Why distance is a barrier to trade?</h3>

Due to the fact that markets within countries are typically closer together than markets between countries, distance reduces international trade in comparison to domestic trade. Most overseas markets have higher transportation expenses than they do for domestic markets, frequently by a significant margin. Given that distance seems to restrict trade more than can be compensated for by transportation, it is possible that distance is also linked to greater non-transportation trade costs.

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2 years ago
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Answer:

Salaries payable will be debited for $500

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Based on the information given the Required journal entry for Jan 3rd will be:

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