Business, 22.10.2019 23:00 shai56

Flora company owed $95,000, a debt incurred to purchase land that serves as security for the debt. if flora had borrowed the funds from a bank, the bank accepts $85,000 in full payment of the debt, and flora is solvent after the transfer, flora does not recognize income, but the company must reduce the cost of the land by $10,000. if flora had borrowed the funds from a bank, and the bank accepts $85,000 in full payment of the debt, when the value of the property is $80,000, flora can deduct a loss. if flora transfers to the bank other property, with a basis of $90,000 and a fair market value of $95,000, in full payment of the debt, flora can recognize a $5,000 loss. if the $95,000 is owed to the person who sold the property to flora, and the creditor accepts $85,000 in full payment for the debt, flora does not recognize gain but must reduce its basis in the land. none of these.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d.select short-term savings instruments to lock in earnings at a current high rates.

Answers: 1

Answer

Business, 22.06.2019 19:40

Moody corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. at the beginning of the year, the company made the following estimates: machine-hours required to support estimated production 100,000 fixed manufacturing overhead cost $ 650,000 variable manufacturing overhead cost per machine-hour $ 3.00 required: 1. compute the plantwide predetermined overhead rate. 2. during the year, job 400 was started and completed. the following information was available with respect to this job: direct materials $ 450 direct labor cost $ 210 machine-hours used 40

Answers: 3

Answer

Business, 22.06.2019 21:20

How success was the first day of the bus boycott

Answers: 1

Answer

Business, 22.06.2019 23:00

You cannot make copies of media, even as a personal backup, without violating copyright. true

Answers: 3

Answer

You know the right answer?

Flora company owed $95,000, a debt incurred to purchase land that serves as security for the debt. i...