Acorporation owns many acres of timber, which it acquired three years ago, and which has a $120,000 basis. the timber was cut last year for use in the corporation's business. the fmv of the timber on the first day of last year was $270,000. the corporation made the appropriate election to treat the cutting as a sale or exchange. the timber is sold for $300,000 this year. the tax result this year is:

a) recognition of capital gain of $30,000.
b) recognition of sec. 1231 gain of $30,000.
c) recognition of ordinary income of $30,000.
d) no income recognized since all recognition occurs in the year of the cutting of the timber.

Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.

Select the correct answer brian wants to add a chart to his dtp project. what is the best way he can do this? a draw the chart using the dtp program draw option b create the chart in a spreadsheet then import it c. use the dtp chart wizard to create the chart within the dtp d. create an image of the chart in an image editor then import the image e use html code to create a chart within the dtp program

You hear your supervisor tell another supervisor that a fire drill will take place later today when the fire alarm sounds that afternoon you should