Tom transfers a building that originally cost $40,000 to paul corp. in exchange for 100% of the corporation's stock. the adjusted basis of the building is $20,000. at the time of the transfer, the building is subject to a liability of $30,000 (which has no business purpose to it) and it worth $60,000. how much gain must tom recognize?

a. 0

b. 10,000

c. 30,000

d. 40,000

What is the most direct result of free trade supplying productive resources to areas where they're most needed? a. enhanced efficiency b. lower interest rates c. increasing specialization d. greater competition 2b2t

When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting

Larissa has also provided the following information. during the year, the company raised $36 million in new long-term debt and retired $20.52 million in long-term debt. the company also sold $22 million in new stock and repurchased $32.4 million. the company purchased $54 million in fixed assets, and sold $6,107,400 in fixed assets. larissa has asked dan to prepare the financial statement of cash flows and the accounting statement of cash flows. she has also asked you to answer the following questions: 1. how would you describe east coast yachts' cash flows? 2. which cash flows statement more accurately describes the cash flows at the company? 3. in light of your previous answers, comment on larissa's expansion plans.