What is the double entry for a motor vehicle received in the business as donation. This donation was received 5 years ago but was never recorded on the books?
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What is the double entry for a motor vehicle received in the business as donation. This donation was received 5 years ago but was never recorded on the books?
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- Last year Nate opened a savings account with a deposit of $17,250. The account was in the name of Nate and Derrick, joint tenancy with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5,750. Required: a-1. Has Nate made a complete gift? a-2. What is the amount of the complete gift, if any, and when was the gift made? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the complete gift, if any, and when was the gift made? Amount of complete gift At the time of withdrawalThe company has recieved a donation of land from a rich local philanhropist. the land originally cost the philanhropist $48,000. on the date of the donation, it had a market value of $111,000. Make the journal entry necessary on the book of the company to record the receipt of the landWhich of the following is a specific legacy? The gift of all remaining estate property to a charity. The gift of $44,000 cash from a specified source. The gift of $44,000 cash. The gift of 1,000 shares of stock in IBM.
- Karen Meyer owns and operates Crystal Cleaning Company. Recently, Meyer withdrew $10,000 from Crystal Cleaning, and she contributed $6,000, in her name, to the American Red Cross. The contribution of the $6,000 should be recorded on the accounting records of which of the following entities? Crystal Cleaning and the American Red Cross Karen Meyer's personal records and the American Red Cross Karen Meyer's personal records and Crystal Cleaning Karen Meyer's personal records, Crystal Cleaning, and the American Red CrossHow would I solve this question in creating a double entry t-acount in solving the following question: An entrepreneur incorporated company X in 2099 with a contribution of $100,000 in cash and a plot of land worth $50,000. The Company issued stock and gave it all to the entrepreneur for both contributions.Adrian contributed an antique vase he had owned for 25 years to a museum. At the time of the donation, the vase had a value of $38,000. The museum displayed this vase in the art gallery. Required: Assume that Adrian’s AGI is $75,500, and his basis in the vase is $18,000. How much may Adrian deduct? How would your answer to Part (a) change if, instead of displaying the vase, the museum sold the vase to an antique dealer?
- Which of the following is a specific legacy? Choose the correct.a. The gift of all remaining estate property to a charity.b. The gift of $44,000 cash from a specified source.c. The gift of $44,000 cash.d. The gift of 1,000 shares of stock in IBM.Abu-Abu Cow Co. Received a machine from a donation. The machine was originally acquired by the donor for 1,000,000 and had a carrying amount of 280,000 in the donors books at the time of donation. The machine has a second hand value of 320,000. There are no conditions attached to the donation. Requirements: Provide the entries assuming the donor is a shareholder of Abu-Abu Cow and an unrelated party.H3. 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 calculation
- A family donated land to a corporation. The land has an appraisal value of $300,000. The corporation’s journal entry to record the land donation should include a: Credit to “Gain on Receipt of Donated Property” for $300,000. Credit to “Sales Revenue” for $300,000. Credit to “Land” for $300,000. Credit to “Common Stock” for $300,000. Credit to “Note Payable” for $300,000.Required information Skip to question [The following information applies to the questions displayed below.] Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart’s gross income. (Leave no answer blank. Enter zero if applicable.) a. Thelma gave Bart an auto worth $26,500. Thelma purchased the auto three years ago for $20,750.Paid 135,00 from the business funds for the repair and maintenance of his residence. Journal Entry