Luke sold a building and the land on which the building sits to his wholly owned corporation, studemont corp., at fair market value. the fair market value of the building was determined to be $362,500; luke built the building several years ago at a cost of $310,000. luke had claimed $81,000 of depreciation expense on the building. the fair market value of the land was determined to be $252,000 at the time of the sale; luke purchased the land many years ago for $194,250. problem 11-46 part-a a. what is the amount and character of luke’s recognized gain or loss on the building?

In 2000, campbell soup company launched an ad campaign that showed prepubescent boys offering soup to prepubescent girls. the girls declined because they were concerned about their calorie intake. the boys explained that “lots of campbell’s soups are low in calories,” which made them ok for the girls to eat. the ads were pulled after parents expressed concern. why were parents worried? i

Joint cost cheyenne, inc. produces three products from a common input. the joint costs for a typical quarter follow: direct materials $45,000 direct labor 55,000 overhead 60,000 the revenues from each product are as follows: product a $75,000 product b 80,000 product c 30,000 management is considering processing product a beyond the split-off point, which would increase the sales value of product a to $116,000. however, to process product a further means that the company must rent some special equipment costing $17,500 per quarter. additional materials and labor also needed would cost $12,650 per quarter. a. what is the gross profit currently being earned by the three products for one quarter? $answer b. what is the effect on quarterly profits if the company decides to process product a further? $answer

Asap! the following information is given for tripp company which uses the indirect method.