Kapono farms exchanged 100 acres of farmland for similar land. the farmland given had a book value of $535,000 and a fair value of $770,000. kapono paid $57,000 cash to complete the exchange. the exchange has commercial substance. required: 1. what is the amount of gain or loss that kapono would recognize on the exchange? what is the initial value of the new land? 2. assume the fair value of the farmland given is $428,000 instead of $770,000. what is the amount of gain or loss that kapono would recognize on the exchange? what is the initial value of the new land? 3. assume that the exchange lacked commercial substance. what is the amount of gain or loss that kapono would recognize on the exchange? what is the initial value of the new land?

What does the phrase limited liability mean in a corporate context?

Use this image to answer the following question. when the economy is operating at point b, the us congress is most likely to follow

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct.d.