Calculate the realized gain/loss, recognized gain/loss, and the initial character of that gain/loss for each...
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Accounting
Calculate the realized gain/loss, recognized gain/loss, and the initial character of that gain/loss for each of the following asset sales. Assume Zeus had other asset sales that you dont have the details of so you can not do any netting.
Zeus sold some land used in his business. He bought it on 1/1/2005 for 50,000. He sold it on 11/4/2021 for $20,000.
Zeus sold some more land, this time held for investment. He bought it on 1/1/2004 for $49,000. He sold it on 11/4/2021 for $62,000.
Zeus sold some furniture. He bought it on 3/3/2019 for $3,000. He sold it on 11/4/2021 for $3,600. He had taken $2,600 in depreciation.
Zeus sold a building. He bought it on 9/9/2010 for $75,000. He sold it on 11/4/2021 for $85,000. He had taken $17,300 in depreciation.
Zeus sold his personal car. He bought it on 4/1/2015 for $20,000. He sold it on 11/4/2021 for $3,000.
Zeus sold his computer. He bought it 2/2/2020 for $1200. He sold it on 11/4/2021 for $900. He had taken $1200 in depreciation on the computer.
Zeus sold his camper. He bought it on 3/31/2021 for $10,500. He sold it on 11/4/2021 for $13,000.
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