Beaver corporation owns a parcel of land with a fair market value (fmv) of $75,000 and a basis of $40,000. beaver exchanges the land for a building with an fmv of $65,000. the corporation also receives $10,000 in cash. both proper-ties are investment properties for beaver.

a. what is beaver’s amount realized on the exchange?
b. what is beaver’s realized gain or loss on the exchange?
c. how much of the realized gain or loss must beaver recognize?
d. what is the character of the recognized gain or loss?
e. what is beaver’s basis in the building it acquired?

Belstone, inc. is a merchandiser of stone ornaments. it sold 15,000 units during the year. the company has provided the following information: sales revenue $ 520,000 purchases (excluding freight in) 338,500 selling and administrative expenses 32,000 freight in 15,000 beginning merchandise inventory 43,000 ending merchandise inventory 58,500 how much is the gross profit for the year?

Financial information that is capable of making a difference in a decision is

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)