Required information. [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean repa the following recipients in 2021: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Cash Painting Stock Property Antique painting Dell stock a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charit contributions. Maximum Amount Cost $ 15,400 14,700 5,040 32,000 FMV $15,400 14,700 83,600 21,000

Required information. [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean repa the following recipients in 2021: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Cash Painting Stock Property Antique painting Dell stock a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charit contributions. Maximum Amount Cost $ 15,400 14,700 5,040 32,000 FMV $15,400 14,700 83,600 21,000

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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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
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