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) Simone Marcus 150 200 170 280 200 280 325 200 150 100 200 120 200 250 75 300
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- Prepare your answers using excel or clearly written computations. Show your work for maximum points. 2. Jocelyn contributes land with a basis of $60,000 and fair market value of $90,000 and inventory with a basis of $5,000 and fair market value of $8,000 in exchange for 100% of Zion Corporation stock. The land is subject to a $15,000 mortgage. Determine Jocelyn’s recognized gain or loss and the basis in the Zion stock received.Problem: 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.The following are the capital balances and share in each profit of Ring Partnership:Aragorn 150 40%Legolas 250 40%Gimli 300 20% 9. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment?10. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied goodwill was recorded?11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P20?12. If Gimli withdrew from the firm and received P360, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200.13. If the partnership was liquidated and P250 is ready for distribution, how much will Gimli received?14. If the partnership was liquidated and Gimli received P210, how much did Legolas received?…
- Prepare your answers using excel or clearly written computations. Show your work for maximum points. 1. Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Marie and Ramesh’s current income, gain, or loss; calculate the basis that each takes in the Roundtree stock.10. 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!) NOTE: someone already answer letter a to c so please answer letter d and e. thank you once again! Direction: Make entries to record Romy’s admission based on the following independent cases: 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.Brother and Sister are partners who are changing their profit and loss ratios from 60:40 to 45:55. At thedate of change, the partners choose to revaluate assets with market value different from their book values.One asset revalued is land with a book value of P500,000 and a market value of P1,200,000. Two yearsafter the profit and loss ratios are changed, the land is sold for P2,000,000. if I included the revaluation surplus my answer will be 825,000 and my other answer if it is not included is 440k. Help me please.
- If Tara invests $10,000 at 5% interest for 5 years, what will her earnings be at the end of the 5 years? Select one: a.$12,500.00 b.$607.75 c.$2762.81 d.$500.00 Question 2 Question text To express ROI as a percentage, multiply the result of the calculation by _____. Select one: a.10 b.100 c.200 d.1000 Question 3 Question text Which of the following is an example of a limited partnership? Select one: a.Noah and Evan own a used-book store. When the company loses money, the two share the losses equally. b.Kate is the sole owner of her lawn care company. At the end of each business year, she pays all of the taxes on her profits. c.Leah runs a graphic design corporation but has two partners who each own 5 percent of the company. She pays personal income taxes, and her partners pay taxes in proportion to their ownership. d.Sean and Maya are partners in a family business. At the end of the business year, they can declare their losses as a tax deduction, and are…ANSWER THE FOLLOWING: 1. Business partners AC, Ian and KR agreed to divide their profit in the ratio 2:4:8. If AC received Php275,000 worth of profit, how much profit did Ian and KR receive? 2. Ronald and Dhez of Casa Astorga's Real Estate Brokers sold a house and lot for Php47,500,000. The commission was 5% of the sale price. Ronald receives 30% of the commission while Dhez receives the remainder. Calculate the commission that Dhez received.Show the solution in good accounting form Brother and Sister are partners who are changing their profit and loss ratios from 60:40 to 45:55. At the date of change, the partners choose to revaluate assets with market value different from their book values. One asset revalued is land with a book value of P500,000 and a market value of P1,200,000. Two years after the profit and loss ratios are changed, the land is sold for P2,000,000. What is the amount of change in Sister's capital account at the date the land is sold? A. 320,000 C. 600,000 B. 440,000 D. 825,000
- On 4/1/20, Sookie sold land that she held for investmentpurposes. Sookie received $200,000 in cash and a $ 1,000,000note receivable that will pay principal as follows:12/31/20$200,00012/31/21$200,00012/31/22$200,00012/31/23$200,00012/31/24$200.000Sookie’s adjusted basis in the land sold is $270,000.Absent any elections, how much gain will Sookie recognize in2020?a. $155,000b. $146,000c. $200,000d. $310,000e. $292,000Charlie and Delta formed a partnership. Charlie invested cash worth P85,000 and a machine. On the other hand, Delta contributed cash worth P55,000 and an equipment which has a mortgage of P35.000 which Delta will pay personally The total capital after formation was P350,000. They also further agreed to reflect 55:45 ratio as to their capital balances respectively. No other investment or withdrawal occurred other than mentioned to reflect their capital ratio agreement. How much is the fair value of the machine?Joan transferred land with an adjusted basis of $55,000 and a fair market value of $59,000 to ABC Corporation in return for all of its stock. Joan also received a short-term note with a fair market value of $5,000 . Please calculate the following for Joan. You must show your all of your work. 1) Her realized gain 2) Her recognized gain 3) Her basis in the stock 4) Her basis in the note Please provide only typed answer solution no handwritten solution needed allowed... Please do it all neat and clean correctly... Thank you