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NeX [460]
3 years ago
14

In January of the current year, Dora made a gift of stock to her granddaughter. At the time of the gift, the stock was worth $15

,000. Several months later in the same year after the gift, a $500 dividend was declared on the stock and paid to Dora's granddaughter. What amount must Dora's granddaughter include in her gross income for the current year
Business
1 answer:
LuckyWell [14K]3 years ago
6 0

Answer:

$500

Explanation:

Based on the information given we were told that the DIVIDEND of the amount of $500 which was declared on the stock was paid to Dora's granddaughter Several months later, which means that the amount that Dora's granddaughter must include in her GROSS INCOME for the current year will be the dividend amount of $500 that was paid to Dora's granddaughter.

Therefore the amount that Dora's granddaughter must include in her gross income for the current year is $500

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Graham Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-Carrier Equipment. G
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Answer:

Graham Freightway

Journal Entries:

Jan. 1:

Debit New Motor-carrier Equipment $236,000

Debit Accumulated Depreciation $92,000

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Credit Cash Account $173,000

Credit Gain on Equipment Disposal $24,000

To record the trade-in of old equipment for a new one.

July 1:

Debit Cash Account $90,000

Debit Note Receivable $590,000

Debit Accumulated Depreciation 286,750

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Credit Gain on Building Disposal $386,750

To record the sale of building.

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Credit Cash Account $600,000

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Credit Accumulated Depreciation on Equipment $34,080

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Dec. 31:

Depreciation Expense on Building $2,225

Credit Accumulated Depreciation on Building $2,225

To record the depreciation expense for the 3 months.

Explanation:

a) Data and Calculations:

1. Gain on Equipment of $24,000 is based on the difference between the net book value of the equipment and the trade-in cost.

2. The same is also applicable on the Building.

3. Allocation of the purchased cost of $600,000:

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Building = 455,600/690,000 * $600,000 = $396,000

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