Troy owns 600 of the 1,000 outstanding shares of Oiler Corporation. His adjusted basis in the Oiler stock at the beginning of the current year is $88,000. Oiler Corporation is organized as an S corporation (conduit) and reports the following results for the current year: Operating Income before Special Items $58,000 Charitable Contributions 8,000 Nondeductible Expenses 9,000 Cash Dividends Paid 22,000 a. What is Troy's adjusted basis in the Oiler Corporation stock at the end of the current year? b. What is the amount of Troy's gain or loss if he sells the 600 shares for $100,000 to an unrelated person at the beginning of next year?

Computing depreciation, net book value, and gain or loss on asset sale lynch company owns and operates a delivery van that originally cost $46,400. lynch has recorded straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. depreciation was last recorded at the end of the fourth year, at which time lynch disposes of this van. compute the net bookvalue of the van on the disposal date.

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."

Ichelle is attending college and has a part-time job. once she finishes college, michelle would like to relocate to a metropolitan area. she wants to build her savings so that she will have a "nest egg" to start her off. michelle works out her budget and decides she can afford to set aside $9090 per month for savings. her bank will pay her 4 %4% per year, compounded monthly, on her savings account. what will be michelle's balance in five years?