Answer:
a. Wesley's gain = $139,520, but due to section 121 exclusion, he doesn't need to recognize any gain at all.
b. Basis for the new residence is equal to its price = $325,000
c. if the sales price was $800,000, then the gain would = $576,520
section 121 exclusion = $250,000
recognized gain = $326,520
adjusted basis = $325,000
The journal entry for the purchase of the stock for the trading securities portfolio is that Securities account debited and bank account credited.
Given that Slick Rocks management purchased the Sandstone stock for the trading securities portfolio instead of the available-for-sale securities portfolio.
We are required to form the journal entry that are required by the facts presented in the case.
A journal is basically a detailed account which records all the financial transactions of a business to be used for the future reconciling of accounts.
The journal entry will be as under:
Securities account debited and bank account credited. If we know that which security is being purchased then we can name that securities also.
Hence the journal entry for the purchase of the stock for the trading securities portfolio is that Securities account debited and bank account credited.
Learn more about journal at brainly.com/question/14279491
#SPJ4
Answer:
reasonable
Explanation:
Analytical skills are a set of skills that allow an individual to collect and analyze information, as well as make decisions accordingly in order to solve complex problems. This is a highly important set of skills for a manager to have since it allows them to identify problems creatively, and generate reasonable alternatives for the best outcome.
Explicit costs are business expenses that are easily identifiable and can be accounted for.
1) Wages and salaries = 100,000
2) Utilities expenses = 15,000
3) Materials and Supplies = 150,000
4) Gasoline expense = 5,000
100,000 + 15,000 + 150,000 + 5,000 = 270,000 answer is C.
