Homework 13b - Intro The two worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems They organize your

Homework 13b - Intro The two worksheets that follow provide...

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Unformatted text preview: Intro The two worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems. They organize your solution in a manner that is consistent with the analytical methods that we discuss in class and allow you to focus on the technical issues, rather than workpaper techniques and computer skills. However, you should continuously analyze the organization of the solution and the answers that you receive, as you work the problems. That is the only way that you will learn the skills and techniques that you will need for your long-term success. You should also refrain from checking the correct answers until after you have completed your solution. Click on the appropriate tab below to move to the worksheet for the homework problem that you want to work on. Once you have completed the assignment, save the file to your computer, then submit it in the manner prescribed in the course syllabus. NOTE: Cells with red dots in them contain notes that provide additional information about the cell contents. Double click on those cells to read the notes. Also, you need enter information only in the cells that are highlighted in bright yellow. Page 1 17-38 Problem 17-38 Part a GAIN <LOSS> REALIZED Amount Realized: Sale proceeds Less: Basis (a negative number) Gain <Loss> Realized Ignore part b. Rack Check figures $55,000 ($50,000) $5,000 $5,000 Fork Lift $15,000 ($24,000) ($9,000) GAIN <LOSS> RECOGNIZED Gain <Loss> Realized Gain <Loss> Deferred Gain <Loss> Recognized $5,000 $0 $5,000 ($9,000) $0 ($9,000) GAIN <LOSS> CLASSIFICATION Section 1231 Gain <Loss> Ordinary Income <Loss> Total Gain <Loss> Recognized $5,000 $0 $5,000 $0 ($9,000) ($9,000) Page 2 of 3 Check figures ($9,000) 17-56 Prob. 17-56 Skidder Driller Platform Alternative #1: Relative Acquisition Costs GAIN <LOSS> REALIZED Amount Realized: Sale proceeds Less: Basis (a negative number) Gain <Loss> Realized Skidder Acquisition $230,000 23.7% $120,000 12.4% $620,000 63.9% Driller $71,134 $(40,000) $31,134 $37,113 $(60,000) ($22,887) GAIN <LOSS> RECOGNIZED Gain <Loss> Realized Gain <Loss> Deferred Gain <Loss> Recognized $31,134 $0 $31,134 $0 ($22,887) ($22,887) GAIN <LOSS> CLASSIFICATION Section 1231 Gain <Loss> Section 1245 Gain <Loss> Total Gain <Loss> Recognized $0 $31,134 $31,134 $0 $0 $0 Page 3 of 3 ...
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  • Spring '13
  • WILSON
  • Accounting, Negative and non-negative numbers, Double click, total gain

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