Compute the amount of the gift in the following independent scenarios. If an amount is...
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Accounting
Compute the amount of the gift in the following independent scenarios.
If an amount is zero, enter "0".
a. Bolivar and Collen purchase real estate as tenants in common. Of the $250,000 purchase price, Bolivar furnishes $200,000 and Collen furnishes only $50,000. Each is an equal owner in the property. The amount of the gift that Bolivar has made to Collen is $__________
b. Ryan and Jessica-Anne are brother and sister. Ryan deposits $20,000 in a bank account under the names of Ryan and Jessica-Anne as joint tenants. Both Ryan and Jessica-Anne have the right to withdraw funds from the account without the others consent. At the time the account is created, the amount of the gift that Ryan has made to Jessica-Anne is $__________
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