Bruce, Michael, Wendy, and Scott are heirs in an estate that contains a painting, a car, and $10,000 cash. Their bids are listed below. Fill in the chart below and please show all calculations where possible. Painting Car $10,000 cash Sum of bids Fair Share , Assigned objects Value of objects 2 Cash you owe/are B SURPLUS Share of surplus 5 Final Settlement--items 5 Bruce $2,000 Michael Wendy $1,000 $3,000 $800 $1,000 $10,000 $10,000 $800 $10,000 Scott $2,000 $1,200 $10,000 estate SURPLUS
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- Jerry Tasch’s will has the following provisions:∙ $150,000 in cash goes to Thomas Thorne.∙ All shares of Coca-Cola go to Cindy Phillips.∙ Residence goes to Kevin Simmons.∙ All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.Prepare journal entries for the following transactions:a. Discovered the following assets (at fair value): Cash . . . . . . . . . . . . . . . . . . . . $ 80,000Interest receivable . . . . . . . . . . . 6,000Life insurance policy . . . . . . . .300,000Residence . . . . . . . . . . . . . . . . 200,000Shares of Coca-Cola Company . . . . . . . . . . . . . . . . . 50,000Shares of Polaroid Corporation . . . . . . . . . . . . . . . . . 110,000Shares of Ford Motor Company . . . . . . . . . . . . . . . . 140,000 b. Collected interest of $7,000.c. Paid funeral expenses of $20,000.d. Discovered debts of $40,000.e. Located an additional savings account of $12,000.f. Conveyed title to the residence to Kevin…Angela exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the mountains with a fair market value of $148,000 and cash of $12,000. What is Angela’s recognized gain or loss? Group of answer choices $148,000 ($20,000) $12,000 $0basis of his Bob exchanged a building for another building on April 3, 2023. The adjusted building was $320,000. He also gave $50,000 cash. He received a building with a fair market value of $450,000. How much gain or loss must he recognize on the exchange? $80,000 gain $0 $50,000 loss $50,000 gain I Liana Amiri, single and no dependents has the following transactions in 2023: Long term capital gain $22,000 Long term capital loss Short term capital gain Short term capital loss (8,000) 19,000 (23,000)
- This year Dan and Mike purchased realty for $218,500 and took title as equal tenants in common. However, Mike was able to provide only $53,500 of the purchase price and Dan provided the remaining $165,000. Required: a-1. Has Dan made a complete gift to Mike? a-2. What is the amount of the gift? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the gift? Amount of giftH3. Grayson purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey, and $1,200 for title insurance. He also gave the real estate agent a $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Please show proper step by step calculation4 people can claim joint ownership of an item and intend to divide it by the method of sealed bids. The winner offers a bid of $4,000, how much will that bidder need to put into a kitty for the other bidders to be compensated?
- In a like-kind exchange, Joe exchanged business-use real property (FMV $200,000, basis $150,000) for a smaller piece of business-use real property (FMV $140,000) plus shares of stock (FMV $60,000). What is Joe's basis in the replacement real property? $75,000 $80,000 $140,000 $175,00010. Fiona and Gary are partners with capital balances of P350,000 and P250,000, respectively. They agree to accept Romy who will contribute land which costs him P250,000 but its market value is P300,000. (see attached image for the actual questions/informations. please answer it based on your knowledge. thank you so much!) Direction: Make entries to record Romy’s admission based on the following independent cases:a) Romy will be given a 1/3 interest in the firm. No bonus or asset revaluation should be recognized.b) Romy will be given a 40% interest. Use the bonus capital method.c) Romy will be given a 40% interest. Assets should first be revalued.d) Romy will be given a 30% interest. Use the bonus capital method.e) Romy will be given a 30% interest. Assets should first be revalued.Jerry Tasch’s will has the following provisions: $150,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to Kevin Simmons. All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri. Prepare journal entries for the following transactions: Discovered the following assets (at fair value): Collected interest of $7,000. Paid funeral expenses of $20,000. Discovered debts of $40,000. Located an additional savings account of $12,000. Conveyed title to the residence to Kevin Simmons. Collected life insurance policy. Discovered additional debts of $60,000. Paid debts totaling $100,000. Conveyed cash of $150,000 to appropriate beneficiary. Sold the shares of Polaroid for $112,000. Paid administrative expenses of $10,000.
- Items 34 and 35 are based on the following information: On January 2,2010, Jason and Melissa formed a partnership by contributing the following assets: Cash Accounts Receivable Merchandise Inventory Land Building Jason P ? 80,000 100,000 Melissa 34. On January 2, 2010, Melissa, Capital amounts to a. P440,000 b. P600,000 P 380,000 240,000 The Land invested by Melissa is subject to mortgage loan of P160,000, which is to be assumed by the partnership. The accounts receivable invested by Jayson are believed to be only 90% collectible. d. P1,040,000 35. Assuming that Jayson is to contribute enough cash to bring his capital equal to that of Melissa, required cash contribution of Jayson is a. P268,000 b. P420,000 d. P600,000 c. P760,000 c. P440,000Problem: Kiko Contis and Heaven Santos formed a partnership with the contributions: - Kiko Contis contributed a parcel of land which costs his father P100,000. The land has a fair market value of P150,000 when the land was inherited by him 3 years ago and currently has a fair market value of P 200,000 and cash of 50,000. - Heaven Santos on the other hand contributed sufficient cash equal to 3/4 of Kiko Contis capitalization. Questions 1. At what amount should land be valued in the partnership book? 2. At what amount should Kiko Contis capital account be credited? 3. Assuming that the land is sold for 220,000 a week after the formation, what amount should be recorded as Contis' capital account balance during the partnership formation? Please provide Solutions in good format. Thanks tutors.A grandmother leaves all of her assets to a charity except three items. She leaves her house, a car, and a diamond ring to her 3 grandchildren. Divide up the assets using the Sealed Bids method. Each grandchild honestly and independently places the following bids in thousands of dollars. How much does each grandchild receive in the final settlement? Grandchild 1 Grandchild 2 Grandchild 3 House 160 171 127 Car 9. 10 Ring 6. 4 Grandchild 1 receives $112,000 Grandchild 2 receives house and ring and pays $230,000 a Grandchild 3 receives the car and receives $74,000 Grandchild 1 receives $126,666.67 Grandchild 2 receives house and receives 215,333.33 Grandchild 3 receives the car and receives $74,000 Grandchild 1 receives the ring and receives $120,000 Grandchild 2 receives house and pays 222,000 Grandchild 3 receives the car and receives $82,000 Grandchild 1 receives $126,666.67 Grandchild 2 receives house and ring and pays $215,333.33 Grandchild 3 receives the car and receives $88,666.67…