Assignment 7 - Chapter 11.docx - By signing my name below I...

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By signing my name below, I affirm that I have not accepted or discussed and will not provide ordiscuss information about the contents of this assignment from, to, or with another student. Print Your Name Clearly:_Latasha Niang_____ Signature: _______________________Print Your Section Number (e.g. T/TH 9 am or Sec. 006: MW9am________________Assignment 7 (Chapter 11) (Total Possible Points: 100)ACCT 351/551Note:You can turn in either typed or handwritten homework.However, make sure the different problems and answers are clearly marked. If a multipart question, make sure it is clear which part the answer relates to. In addition, make sure to circle, highlight, or double underline your final answers.If you make it too difficult to find the answer within your work, Iwill not count the answer correct. If you have multiple answers, I will not count it correct even if one of the answers is correct. Staple multiple pages together and make sure your name is on eachpage. If pages come loose without a name, the grading will be only on what is left attached.Show your workthroughout. If your answer is wrong and you do not show your work, then I cannot offer any partial credit. Round dollar amounts to the nearest cent ($3,500.0372 $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% 35.03%).For all problems, assume the taxpayer of interest would always prefer to have lower taxable income (have a lower tax liability) in the current year whenever possible.1.Identify the character of each of the following assets based on the information given. Youcan use each character classification more than once. (2 points each)Asset descriptionCharacterA company acquired land in 2012 and had its office built onthe land. The office and land were sold in 2018. (The asset I’m asking about here is the land.) BA family acquired land in 2014 by the beach and had a

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