Quick answer of this accounting questions A property is:⚫ Listed for sale at $275,000••Tax assessed value: $225,000Appraised value: $265,000⚫ Purchase price: $255,000At what amount should the property be recorded in the buyer's books?

Step 1: Definition of Historical Cost PrincipleThe Historical Cost Principle states that assets…

Answered: A property is: ⚫ Listed for sale at…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 23CE

See similar textbooks

Similar questions

??
Can you help me with accounting questions
Ans
Determine the treatment of a loss on rental property under the following facts: Basis $650,000 FMV before the loss 800,000 FMV after the Joss 200,000 The amount of the loss is $ which is a deduction for AGI - v.
Subject - account Please help me. Thankyou.
What is the seller's gain or loss on a repossessed residence with fair market value of 4000.00 on the date of repossession.where the seller's basis is 3900.00 ,and the costs of repossession were 300
Need help with this
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)
Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?
Grover Inc. wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the proportional method to record the revaluation? OA. $20,000 credit B. $10,000 credit O C. SO Before Revaluation $120,000 40,000 80,000 D. $10,000 debit
The following information is for Bridgeport Real Estate: Bridgeport Real Estate Balance Sheet December 31, 2020 Cash $ Accounts Payable $ 24800 59600 Prepaid Insurance 30200 Salaries and Wages Payable 15200 Accounts Receivable 49500 Mortgage Payable 85700 Inventory 70100 Total Liabilities 160500 Land Held for 85800 Investment Land 118400 Buildings 98500 Less Accumulated Owner's Capital 365300 Depreciation ( 78300 20200) Trademark 68700 Total Liabilities and Total Assets 24 Owner's Equity 24 525800 525800 The total dollar amount of assets to be classified as current assets is O $ 190300. O $174600. O$ 104500. O $ 260400.
Choose the response that correctly states the amount of a seller's gain or loss on repossessed real property with a fair market value of $54,000 on the date of repossession. The unpaid balance of the installment obligation at the time of repossession is $56,000, the gross profit percentage is 25%, and the costs of repossession were $800. A) Loss of $13,200 B) Loss of $11,200 C) Gain of $11,200 D) Gain of $13,200 Kenisha spent a total of $115,000 to purchase a business, including $15,000 in legal fees for the preparation of the sales contract, and $100,000 paid to the seller. She received a building with a fair market value (FMV) of $70,000, land with an FMV of $10,000, and furniture and fixtures with an FMV of $20,000. What is Kenisha's basis in the building, land, and furniture? A) $70,000 building; $10,000 land; $20,000 furniture and fixtures. B) $75,000 building; $15,000 land; $25,000 furniture and fixtures. C) $80,500 building; $11,500 land; $23,000 furniture and fixtures. D)…

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SEE MORE TEXTBOOKS

A property is: ⚫ Listed for sale at $275,000 • • Tax assessed value: $225,000 Appraised value: $265,000 ⚫ Purchase price: $255,000 At what amount should the property be recorded in the buyer's books?