Please need answer the finance question QueHorton Stores exchanged land and cash of $4,400 for similar land. Thebook value and the fair value of the land were $90,000 and $100,400,respectively. Assuming that the exchange has commercial substance,Horton would record land-new and a gain/(loss) of:Table 1-59LandGain/LossA.$ 94,400$ 10,400B.$1,04,800$0C.$ 94,400$0D.$1,04,800$ 10,400Caption

Step 1: Define Exchange valueThe ratio at which one commodity may be swapped for another is known as…

Answered: Que Horton Stores exchanged land and…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 7BCRQ

See similar textbooks

Similar questions

Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming that the exchange has commercial substance, Horton would record land—new and a gain/(loss) on exchange of assets in the amounts of: Land Gain/(loss) a. $ 105,000 $ 0 b. $ 105,000 $ 10,000 c. $ 95,000 $ 0 d. $ 95,000 $ 10,000 Multiple Choice Option A Option B Option C Option D
Que Horton Stores exchanged land and cash of $4,400 for similar land. The book value and the fair value of the land were $90,000 and $100,400, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/(loss) of: Table 1-59 Land Gain/Loss A. $ 94,400 $ 10,400 B. $1,04,800 $0 C. $ 94,400 $0 D. $1,04,800 $ 10,400 Caption
I want correct answer
Provide solution for this problem
A company exchanged land and cash of $4,000 for similar land. The book value and the fair value of the land were $89,900 and $100,600, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain on exchange of assets in the amounts of: a. b. C. d. Land $ 104,600 $ 104,600 $ 93,900 $ 93,900 Multiple Choice O O Option a. Option b. Option d. Option c. Gain $10,700 $ 10,700
give answer
Do you fast answer general accounting
Bloomington Inc. exchanged land for equipment and $2,600 in cash. The book value and the fair value of the land were $105,500 and $89,100, respectively.Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss)on exchange of assets in the amounts of: Equipment Gain/(loss) a. $ 86,500 $ 2,600 b. $ 105,500 $ (2,600 ) c. $ 86,500 $ (16,400 ) d. None of these answer choices are correct. Option C Option D Option A Option B
Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $520,000 and a fair value of $740,000. Kapono paid $54,000 cash to complete the exchange. The exchange has commercial substance. Required: What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Assume the fair value of the farmland given is $416,000 instead of $740,000. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Assume the same facts as Requirement 1 and that the exchange lacked commercial substance. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new land? Assume the same facts as Requirement 2 and that the exchange lacked commercial substance. Assume the fair value of the farmland given is $416,000 instead of $740,000. What is the amount of gain or loss that…
Peanut Corporation exchanged land and cash of $6,500 for equipment. The land had a book value of $45,000 and a fair value of $34,000. Assume the exchange has commercial substance.Required:Prepare the journal entry to record the exchange.
The Bronco Corporation exchanged land for equipment. The land had a book value of $138,000 and a fair value of $186,000. Bronco pald the owner of the equipment $28,000 to complete the exchange whlch has commercial substance. Required: 1. What Is the falr value of the equipment? 2. Prepere the Journal entry to record the exchange. Answer Is complete but not entirely correct. Complete thls question by entering your answers In the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit Equipment - new Land - new 1 214,000 138,000 Cash 28,000 Gain on exchange of assets 48,000
amount of P650,000 and a fair value P500,000. any exchanged a delivery truck costing Bronze Co P1.000,000 for a parcel of land. The truck had a carrying a The entity gave P600,000 in cash in addition to the truck as part of this transaction. It is expected that the cash flows from the assets will be significantly different. The previous owner of the land had listed the land for sale at P1,200,000. At what amount should Bronze record the land? a. 1,100,000 b. 1,250,000 c. 1,150,000 d. 1,200,000

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SEE MORE TEXTBOOKS