4 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?
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4 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?
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- Q1. There are 2 buyers looking to purchase a house. The real estate agent calls the first buyer and asks what price they are willing to pay for the house (their “bid”). The agent then calls the second buyer, tells them what the first buyer’s bid is and then asks for the second buyer’s bid price. The agent then chooses the highest bid price as the successful buyer. In this game of 2 buyers: a) There is a first mover advantage (it is better to be called first) b) There is a second mover advantage (it is better to be called second) c) There is no advantage to being called either first or second. d) None of the above10. 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.Use the lone divider method to solve the following problem. 5. There are 3 investors dividing land worth $800,000. Each investor's value in thousands for each of the three pieces of the land is shown in the table. James is the divider. Which piece does each person receive and do they receive a fair share using the lone divider method? Piece 1 Piece 2 Piece 3 Piece 4 Kathy James (Divider) 150 200 170 280 200 280 200 200 200 Simone 150 120 250 Marcus 325 100 300 75
- After Non-Cash Assets have been sold and liabilities paid, the final step in the liquidation process is to distribute the balance of Cash to the partners. Consider the following: Cash $20 A, Capital Balance $8 B, Capital Balance $12 Gains and losses are shared equally between the partners. Which of the following is correct? Group of answer choice a.B would receive$12 as the final payment of cash. b. B would receive $10 as the final payment of cash. c. B would receive $8 as the final payment of cash. d. B would receive $20 as the final payment of cash.Monica, Phoebe, Rachel, Chandler, Joey, and Ross bid on a much coveted resource (Marcel the monkey). Monica Phoebe Rachel Chandler Joey Ross Marcel $96 $36 $72 $18 $9 $0 The friends decide that Joey should get Marcel. Joey will then pay everyone else their bid divided by the number of people. (a) What is the value of the winning bid in this example? (b) What is the sum of everyone's fair share in this example? (c) What is z Phorde in this example? (a) What is Phoebe's fair sthare? (e) What is Phoebe's XB ratio rounded to four decimal places?2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of land. It was agreed that upon its acquisition, the property would be divided equally between them. A kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter into a contract of partnership? Explain.
- A, B, C are new lawyers and are decided to form a partnership. A is to contribute cash of P50,000 and his computer originally cost P60,000 but has a fair value of P25,000. . B is to contribute cash of P80,000. C, whose family is selling computers, is to contribute cash of P25,000 and a computer with a fair market value of P60,000 but which cost P50,000. Compute C's Capital account to be credited upon formation. . .Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,200 and a fair market value of $10,000. Kelsey will invest a building with a book value of $32,300 and a fair market value of $60,900. What amount will be recorded to Kelsey's capital account? Oa. $10,000 Ob. $32,300 Oc. $60,900 O d. $6,2002 A transfers land to Newco in exchange for 100% of Newco's stock. The land has a basis of $50, FMV of $100 and is subject to a mortgage of $40. a. What are the consequences to each of the parties? b. Suppose in that the mortgage was placed on the property immediately before the transfer to Newco. A wanted cash in order to buy a yacht to be used for personal purposes, so he took out a mortgage on the land. Would this change your answer? c Suppose instead that the mortgage was for $60. Suppose further that this mortgage was incurred on the purchase of the property many years ago. Would this change your answer? d. Same as (c) except that A also transfers accounts payable of $10. A is a cash basis taxpayer. How would this change your answer?
- 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?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 SURPLUSSandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,700 and a fair market value of $12,600. Kelsey will invest a building with a book value of $37,400 and a fair market value of $64,500.What amount will be recorded to the building account? a.$12,600 b.$64,500 c.$4,700 d.$37,400