Solve this accounting question A parcel of land is offered for sale at $151,000, isassessed for tax purposes at $113,000, isrecognized by its purchasers as being worth$141,000, and is purchased for $138,000.The land should be recorded in the purchaser'sbooks at:a. $144,000b. $113,000c. $138,000d. $141,000e. $151,000

Step 1: Define Fixed AssetsFixed assets are the economic resources of a company that are used in…

Answered: A parcel of land is offered for sale at…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 58P

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if a company is considering the purchase of a parcel of land that was acquired by the seller for $89,000 is offered for sale at 158,000 is assessed for tax purposes at 99,000 is considered by the purchaser as easily being worth 148,000 and is purchased for 145,000 the land should be recored in the purchaser books at (A. 99,000, B. 145,000, C. 146,500, D. 148,000, E. 158,000)
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Provide Correct answer with calculation
PT. A in the year 2020 reported an accounting profit before tax of IDR 800.000.000.000. The following information is related to the year 2020: The entity donated IDR 40.000.000.000 to the surrounding community PT A has interest income of IDR 100.000.000.000 which is subject to final tax of 20%. PT A purchased a fixed asset of IDR 200.000.0000, which is depreciated for 4 year for book purposes while for tax purposes is depreciated in 8 years (straight line with no residual value). PT A made a provision for uncollectible account receivable of IDR 10.000.000.000 which is not deductible for tax purposes Required: Prepare a schedule of the deferred tax (asset) and liability. assume there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit). Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020
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A parcel of land is offered for sale at $151,000, is assessed for tax purposes at $113,000, is recognized by its purchasers as being worth $141,000, and is purchased for $138,000. The land should be recorded in the purchaser's books at: a. $144,000 b. $113,000 c. $138,000 d. $141,000 e. $151,000