2. Jordan has some damages on his business property when tornado hit his area. Her truck was used 100 percent for business use in her sole proprietorship. The truck had originally cost $35,000 and she had taken $5,000 depreciation. At the time of the disaster, it was worth $25,000. After the accident, it was $0. She received insurance company's payment of $20,000. How much is her deducible casualty loss? What is her deductible casualty loss if the truck's residual value was $5,000? 3. Fill in the blanks on the following like-kind exchanges FMV of Adjusted basis of new asset old asset a. b. C. d. e. 17000 15000 4000 16000 7000 Boot given 0 0 6000 0 0 14000 29000 8000 28000 12000 Boot received 0 0 500 0 4000 Realized Recognized Postponed Gain/(loss) gain/loss Gain/loss. New basis of received property

2. Jordan has some damages on his business property when tornado hit his area. Her truck was used 100 percent for business use in her sole proprietorship. The truck had originally cost $35,000 and she had taken $5,000 depreciation. At the time of the disaster, it was worth $25,000. After the accident, it was $0. She received insurance company's payment of $20,000. How much is her deducible casualty loss? What is her deductible casualty loss if the truck's residual value was $5,000? 3. Fill in the blanks on the following like-kind exchanges FMV of Adjusted basis of new asset old asset a. b. C. d. e. 17000 15000 4000 16000 7000 Boot given 0 0 6000 0 0 14000 29000 8000 28000 12000 Boot received 0 0 500 0 4000 Realized Recognized Postponed Gain/(loss) gain/loss Gain/loss. New basis of received property

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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