10-2-07 Page 104

10-2-07 Page 104 - $37,000 $27,000 $27,000 $28,000 $28,000...

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Page 104 1 2 Excess Excess Basis FMV C's share C Received Received C Gave Up C Received Received C Gave Up Cash $21,000 $21,000 $7,000 $16,000 $9,000 $1,000 $6,000 Accounts rec. $9,000 $9,000 $3,000 $3,000 $3,000 Inventory $15,000 $24,000 $8,000 $8,000 $24,000 $16,000 Building $42,000 $48,000 $16,000 $16,000 $16,000 Land $9,000 $9,000 $3,000 $9,000 $6,000 $3,000 $96,000 $111,000 $37,000 Current Liabilities $15,000 $15,000 $5,000 $5,000 $5,000 $5,000 $5,000 Mortgage Payable $21,000 $21,000 $7,000 $7,000 $7,000 $7,000 $7,000 A $20,000 $25,000 B $20,000 $25,000 C $20,000 $25,000 $25,000 $96,000 $111,000
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Unformatted text preview: $37,000 $27,000 $27,000 $28,000 $28,000 the partnership and received cash of $16,000 and land worth $9,000. C Partnership Inventory $5,000 Inventory $5,000 Investment in P/S $5,000 Inv. In P/S $5,000 [FMV of inventory = $8,] Cash $8,000 Building $14,000 Inventory $5,000 Inv. In P/S $14,000 Gain $3,000 (FMV of bldg. = $16,000) Cash $8,000 Inventory $16,000 Investment in P/S $15,000 Building $14,000 Land $7,000 Gain $2,000 Cash $1,000 Inv. In P/S $1,000 1. C left th 2. C left the partnership and received $15,000 in inventory and $10,000 cash....
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This note was uploaded on 03/18/2008 for the course ACIS 5324 taught by Professor Weseago during the Fall '07 term at Virginia Tech.

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