Ed owns investment land with an adjusted basis of $35,000. polly has offered to purchase the land from ed for $175,000 for use in a real estate development. the amount offered by polly is $10,000 in excess of what ed perceives as the fair market value of the land. ed would like to dispose of the land to polly but does not want to incur the tax liability that would result. he identifies an office building with a fair market value of $175,000 that he would like to acquire. polly purchases the office building and then exchanges the office building for ed’s land. a. calculate ed’s realized and recognized gain on the exchange and his basis for the office building. b. calculate polly’s realized and recognized gain on the exchange and her basis in the land. how do you determine if somethng is a recognized gain or loss?

Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?