Answers to b and c are not $41,533 and $0 respectively.
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Answers to b and c are not $41,533 and $0 respectively.
Problem 14-39 (Algorithmic) (LO. 1,...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2018, for $340,000. On December 12, 2018, Kevin purchases an additional 750 shares of Bluebird stock for $238,000. According to market quotations, Bluebird stock is selling for $340 per share on 12/31/18. Kevin sells 500 shares of Bluebird stock on March 1, 2019, for $190,400. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2018, is $ 595,000 . Feedback...
Harold owns 130 shares of stock in Becker Corporation. His adjusted basis for the stock is...
Harold owns 130 shares of stock in Becker Corporation. His adjusted basis for the stock is $215,000. On December 15, 2018, he sells the stock for $180,000. He purchases 195 shares of Becker Corporation stock on January 12, 2019, for $230,100. a. What are Harold's realized and recognized gain or loss on the sale? b. What is Harold's adjusted basis for the 195 shares purchased on January 12, 2019? c. How would your answers in (a) and (b) change if...
I need help with this. Harold owns 110 shares of stock in Becker Corporation. His adjusted...
I need help with this.
Harold owns 110 shares of stock in Becker Corporation. His adjusted basis for the stock is $183,000. On December 15, 2018, he sells the stock for $154,000. He purchases 165 shares of Becker Corporation stock on January 12, 2019, for $193,050. a. What are Harold's realized and recognized gain or loss on the sale? b. What is Harold's adjusted basis for the 165 shares purchased on January 12, 2019? c. How would your answers in...
Crystal owns 183 shares of Carson Inc. stock that has an adjusted basis of $136,335. On...
Crystal owns 183 shares of Carson Inc. stock that has an adjusted basis of $136,335. On December 18, 2018, she sells the 183 shares for FMV ($127,185). On January 7, 2019, she purchases 244 shares of Carson stock for $191,540. a. What are Crystal's realized and recognized gain or loss on the sale of the 183 shares sold on December 18, 2018? b. What is Crystal's adjusted basis for the 244 shares purchased on January 7, 2019? c. How would...
Problem 13-55 (Algorithmic) (LO. 1, 2, 3) Roberto has received various gifts over the years and...
Problem 13-55 (Algorithmic) (LO. 1, 2, 3) Roberto has received various gifts over the years and has decided to dispose of the following assets he received as gifts: What is the recognized gain or loss from the following transactions, assuming that no gift tax was paid when the gifts were made. If an answer is zero, select "neither a gain nor a loss" and enter"" as the amount. a. In 1981, he received land worth $37,440. The donor's adjusted basis...
Exercise 13-40 (Algorithmic) (LO. 7) On February 24, 2019, Allison's building, with an adjusted basis of...
Exercise 13-40 (Algorithmic) (LO. 7) On February 24, 2019, Allison's building, with an adjusted basis of $3,713,200 (and used in her trade or business), is destroyed by fire. On March 31, 2019, she receives an insurance reimbursement of $4,827,160 for the loss. Allison invests $4,344,444 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election?...
Problem 10-84A (Algorithmic) Statement of Stockholders' Equity At the end of 2019, Jeffco Inc. had the...
Problem 10-84A (Algorithmic) Statement of Stockholders' Equity At the end of 2019, Jeffco Inc. had the following equity accounts and balances: Common stock, $10 par $800,000 Additional paid-in capital-common stock 200,000 Retained earnings 279,000 During 2020, Jeffco engaged in the following transactions involving its equity accounts: a. Sold 8,000 shares of common stock for $35 per share. b. Sold 1,000 shares of 9%, $120 par preferred stock at $125 per share. c. Declared and paid cash dividends of $14,000. d....
Problem 13-1A Earnings per share calculations and presentation LO1, 2, 3, 4 excel CHECK FIGURES: Weighted...
Problem 13-1A Earnings per share calculations and presentation LO1, 2, 3, 4 excel CHECK FIGURES: Weighted average outstanding shares: 2. a. 35,364; b. 44,880, c. 171,720 Note: Problem 13-1B covers LO1, 3 with no retirement of shares. PROBLEMS Except for the earnings per share statistics, the 2021, 2020, and 2019 income statements for Ace Group Inc. originally presented as follows: TE 2021 2020 2019 Sales Costs and expenses Profit from continuing operations Gain (loss) on discontinued operations Profit (loss). $998.900...
Answers are not $900,000 and $15,000 respectively. Problem 14-44 (C) (LO. 3) In 2019, Pedro receives...
Answers are not $900,000 and $15,000 respectively.
Problem 14-44 (C) (LO. 3) In 2019, Pedro receives a gift of real estate with an adjusted basis of $900,000 and a fair market value of $890,000. No gift tax was paid on the transfer. 900,000 and his basis for a loss is $ If Pedro later sells the property for $885,000, his Pedro's basis for a gain is $ recognized loss is $
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Harold owns 130 shares of stock in Becker Corporation. His adjusted basis for the stock is $215,000. On December 15, 2018, he sells the stock for $180,000. He purchases 195 shares of Becker Corporation stock on January 12, 2019, for $230,100. a. What are Harold's realized and recognized gain or loss on the sale? b. What is Harold's adjusted basis for the 195 shares purchased on January 12, 2019? c. How would your answers in (a) and (b) change if...
I need help with this.
Harold owns 110 shares of stock in Becker Corporation. His adjusted basis for the stock is $183,000. On December 15, 2018, he sells the stock for $154,000. He purchases 165 shares of Becker Corporation stock on January 12, 2019, for $193,050. a. What are Harold's realized and recognized gain or loss on the sale? b. What is Harold's adjusted basis for the 165 shares purchased on January 12, 2019? c. How would your answers in...
Crystal owns 183 shares of Carson Inc. stock that has an adjusted basis of $136,335. On December 18, 2018, she sells the 183 shares for FMV ($127,185). On January 7, 2019, she purchases 244 shares of Carson stock for $191,540. a. What are Crystal's realized and recognized gain or loss on the sale of the 183 shares sold on December 18, 2018? b. What is Crystal's adjusted basis for the 244 shares purchased on January 7, 2019? c. How would...
Problem 13-55 (Algorithmic) (LO. 1, 2, 3) Roberto has received various gifts over the years and has decided to dispose of the following assets he received as gifts: What is the recognized gain or loss from the following transactions, assuming that no gift tax was paid when the gifts were made. If an answer is zero, select "neither a gain nor a loss" and enter"" as the amount. a. In 1981, he received land worth $37,440. The donor's adjusted basis...
Exercise 13-40 (Algorithmic) (LO. 7) On February 24, 2019, Allison's building, with an adjusted basis of $3,713,200 (and used in her trade or business), is destroyed by fire. On March 31, 2019, she receives an insurance reimbursement of $4,827,160 for the loss. Allison invests $4,344,444 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election?...
Problem 10-84A (Algorithmic) Statement of Stockholders' Equity At the end of 2019, Jeffco Inc. had the following equity accounts and balances: Common stock, $10 par $800,000 Additional paid-in capital-common stock 200,000 Retained earnings 279,000 During 2020, Jeffco engaged in the following transactions involving its equity accounts: a. Sold 8,000 shares of common stock for $35 per share. b. Sold 1,000 shares of 9%, $120 par preferred stock at $125 per share. c. Declared and paid cash dividends of $14,000. d....
Problem 13-1A Earnings per share calculations and presentation LO1, 2, 3, 4 excel CHECK FIGURES: Weighted average outstanding shares: 2. a. 35,364; b. 44,880, c. 171,720 Note: Problem 13-1B covers LO1, 3 with no retirement of shares. PROBLEMS Except for the earnings per share statistics, the 2021, 2020, and 2019 income statements for Ace Group Inc. originally presented as follows: TE 2021 2020 2019 Sales Costs and expenses Profit from continuing operations Gain (loss) on discontinued operations Profit (loss). $998.900...
Answers are not $900,000 and $15,000 respectively.
Problem 14-44 (C) (LO. 3) In 2019, Pedro receives a gift of real estate with an adjusted basis of $900,000 and a fair market value of $890,000. No gift tax was paid on the transfer. 900,000 and his basis for a loss is $ If Pedro later sells the property for $885,000, his Pedro's basis for a gain is $ recognized loss is $
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