Bruce, Michael, Wendy, and Scott are heirs in an estate that contains a painting, a car, and $10,000 cash. Their bids are listed below.Fill in the chart below and please show all calculations where possible.PaintingCar$10,000 cashSum of bidsFair Share,Assigned objectsValue of objects2Cash you owe/areBSURPLUSShare of surplus5Final Settlement--items5Bruce$2,000MichaelWendy$1,000$3,000$800$1,000$10,000$10,000$800$10,000Scott$2,000$1,200$10,000estateSURPLUS

Bruce: Painting $2,000, Car $800, Cash $10,000Michael: Painting $1,000, Car $1,000, Cash…

Answered: Bruce, Michael, Wendy, and Scott are…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Juan is a proprietor owning the following assets as of June 1, 2022:Cash – P 3,000Trade Receivables – P 15,000Inventory – P 20,000Office equipment P 30,000Accounts payable – P 10,000Pedro would like to form a partnership with Juan by investing Cash and Inventory amounting to P 20,000 and P 50,000, respectively. Juan agrees and on June 1, 2022, they formed the partnership. During formation, it was assessed that 5% may be uncollectible. Items in inventory destroyed by rust amounted to P 1,000. The office equipment, meanwhile, was not depreciated for two years. The office equipment has an estimated useful life of six years.After adjusting the books, how much is the total assets of the partnership?
Lisa’s Darwin Home Lisa sold her home in Darwin (contract date September 2019, settlementDecember 2019), receiving $1,220,000 at settlement. This is after legal fees($12,000), advertising ($2,000) and real estate commissions ($25,000) werededucted. Records indicate that Lisa purchased the property in 2002 (contract dateJanuary, settlement March) for $653,000. Legal fees, commissions andadvertising of $8,000 were also incurred. Lisa moved in within 6 months, selling her former residence during thattime. Over the ownership period, Lisa rented the property for three yearsbeginning December 2010, with $65,000 of $120,000 in non-capitalcosts claimed against rental income. The property was valued at$890,000 at the time it began being rented. SculptureLisa gave a sculpture, valued at $18,900, to her friend in June 2020. Thesculpture was purchased for $480 in December 2000 and repaired in March2016 for $1,250. VaseWhen Lisa was playing with her cat in September 2019, the cat…
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Donna Stober's estate has the following assets (all figure approximate fair value): Investments in stocks and bonds $1,552000 House 756,000 Cash 74,900 Investment land 60,800 Automobiles (three rare vehicles) 59,000 Other assets 108,000 The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the…
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Jerry Tasch’s will has the following provisions: $150,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to Kevin Simmons. All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri. Prepare journal entries for the following transactions: Discovered the following assets (at fair value): Collected interest of $7,000. Paid funeral expenses of $20,000. Discovered debts of $40,000. Located an additional savings account of $12,000. Conveyed title to the residence to Kevin Simmons. Collected life insurance policy. Discovered additional debts of $60,000. Paid debts totaling $100,000. Conveyed cash of $150,000 to appropriate beneficiary. Sold the shares of Polaroid for $112,000. Paid administrative expenses of $10,000.
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Question 2 (150 word) Required: Showing workings, discuss Alex’s capital gain or loss for both houses (citing authority where appropriate). You are not required to discuss the application of the 50% CGT discount, or the impact of Division 43 of the ITAA 1997. Alex inherits the following during February 2022 from his aunt: House A, which the aunt had purchased for $100,000 in January 1985. The aunt had used House A as a rental property for the full time she owned it. Its market value at the time of her death was $1 million. House B, which the aunt had purchased for $800,000 in 2010, and had used as a rental property for the full time she owned it. Its market value at the time of her death was $1.5 million. During the time Alex owned these 2 houses, he used both houses as rental properties. During May 2024, Alex made the following sales: House A was sold for $1.3 million House B was sold for $1.7 million

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