Holyfield corporation wishes to exchange a machine used in its operations. holyfield has received the following offers from other companies in the industry.
1. dorsett company offered to exchange a similar machine plus $23,000. (the exchange has commercialsubstance for both parties.)

2. winston company offered to exchange a similar machine. (the exchange lacks commercial substancefor both parties.)

3. liston company offered to exchange a similar machine, but wanted $3,000 in addition to holyfield’smachine. (the exchange has commercial substance for both parties.)in addition, holyfield contacted greeley corporation, a dealer in machines. to obtain a new machine, holyfield must pay $93,000 in addition to trading in its old machine. holyfield dorsett winston liston greeleymachine cost $160,000 $120,000 $152,000 $160,000 $130,000accumulated depreciation 60,000 45,000 71,000 75,000 –0–fair value 92,000 69,000 92,000 95,000 185,000for each of the four independent situations, prepare the journal entries to record the exchange on the booksof each company.

Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate.the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received.c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?

Suppose the production function in an economy is y = k0.5l0.5, where k is the amount of capital and l is the amount of labor. the economy begins with 64 units of capital and 16 units of labor. use a calculator and equations in the chapter to find a numerical answer to each of the following questions. what are the wage and the rental price of capital? the wage is equal to unit(s) of output and the rental price of capital is equal to unit(s) of output.