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Category > Accounting Posted 23 Jun 2017 My Price 6.00

Russell Corporation sold a parcel of land valued at $400,000.

62.   Russell Corporation sold a parcel of land valued at $400,000. Its basis in the land was $275,000. For the land, Russell received $50,000 in cash in year 0 and a note providing that Russell will receive $175,000 in year 1 and $175,000 in year 2 from the buyer.

a)   What is Russell’s realized gain on the transaction?

b)  What is Russell’s recognized gain in year 0, year 1, and year 2?

Answers

Alpha Geek
(8)
Status NEW Posted 23 Jun 2017 11:06 AM My Price 6.00

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Attachments

file 1498217426-1385284_1_636336943580399441_Realized-Gain.xlsx preview (150 words )
13-----------852-----------84&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------398-----------284-----------Rea-----------liz-----------ed -----------Gai-----------n62-----------. -----------  -----------Rus-----------sel-----------l C-----------orp-----------ora-----------tio-----------n s-----------old----------- a -----------par-----------cel----------- of----------- la-----------nd -----------val-----------ued----------- at----------- $4-----------00,-----------000-----------. I-----------ts -----------bas-----------is -----------in -----------the----------- la-----------nd -----------was----------- $2-----------75,-----------000-----------. F-----------or -----------the----------- la-----------nd,----------- Ru-----------sse-----------ll -----------rec-----------eiv-----------ed -----------$50-----------,00-----------0 i-----------n c-----------ash----------- in----------- ye-----------ar -----------0 a-----------nd -----------a n-----------ote----------- pr-----------ovi-----------din-----------g t-----------hat----------- Ru-----------sse-----------ll -----------wil-----------l r-----------ece-----------ive----------- $1-----------75,-----------000----------- in----------- ye-----------ar -----------1 a-----------nd -----------$17-----------5,0-----------00 -----------in -----------yea-----------r 2----------- fr-----------om -----------the----------- bu-----------yer-----------.$S-----------ale----------- Va-----------lue----------- of----------- pa-----------rce-----------l o-----------f L-----------and-----------Adj-----------ust-----------ed -----------Bas-----------is -----------of -----------Lan-----------dCa-----------sh -----------rec-----------eiv-----------ed -----------in -----------Yea-----------r 0-----------Not-----------es -----------Rec-----------eiv-----------abl-----------es -----------in -----------Yea-----------r 1-----------Not-----------es -----------Rec-----------eiv-----------abl-----------es -----------in
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