45. carlton holds undeveloped land for investment. his adjusted basis in the land is $200,000, and the fmv is $325,000. on november 1, 2018, he exchanges this land for land owned by his son, who is 31 years old. the appraised value of his son’s land is $320,000 with a basis of $310,000. a. calculate carlton’s realized and recognized gain or loss from the exchange with his son and on carlton’s subsequent sale of the land to a real estate agent on july 19, 2019, for $375,000. b. calculate carlton’s realized and recognized gain or loss from the exchange with his son if carlton does not sell the land received from his son, but his son sells the land received from carlton on july 19, 2019. calculate carlton’s basis for the land on november 1, 2018, and july 19, 2019. c. what could carlton do to avoid any recognition of gain associated with the first exchange prior to his sale of the land?

The following account balances at the beginning of january were selected from the general ledger of fresh bagel manufacturing company: work in process inventory $0 raw materials inventory $ 28 comma 100 finished goods inventory $ 40 comma 600 additional data: 1. actual manufacturing overhead for january amounted to $ 65 comma 000. 2. total direct labor cost for january was $ 63 comma 400. 3. the predetermined manufacturing overhead rate is based on direct labor cost. the budget for the year called for $ 255 comma 000 of direct labor cost and $ 382 comma 500 of manufacturing overhead costs. 4. the only job unfinished on january 31 was job no. 151, for which total direct labor charges were $ 5 comma 200 (1 comma 300 direct labor hours) and total direct material charges were $ 14 comma 400. 5. cost of direct materials placed in production during january totaled $ 123 comma 700. there were no indirect material requisitions during january. 6. january 31 balance in raw materials inventory was $ 35 comma 300. 7. finished goods inventory balance on january 31 was $ 35 comma 400. what is the cost of goods manufactured for january?

Azster inc. recorded sales revenue for the year that ended december 31, 2014 as $67,000. interest revenue of $5,300 and expenses of $14,000 were also recorded for the same period. what is aster’s net profit or loss?

Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate