During 2021, George and Ann, a married couple, decided to sell their residence, which had a basis of $250,000. They had owned and occupied the residence for 12 years. To make it more attractive to prospective buyers, they had the outside repaired and painted in April at a cost of $12,000 and paid for the work immediately. They sold the house in May for $800,000. Broker's commissions and other selling expenses amounted to $50,000. Since they both are age 68, they decide to rent an apartment. They purchase life insurance with the net proceeds from the sale. What is their recognized gain

Identify which of the twelve basic functions listed below fit the description given.

Lincoln company has an accounting policy for internal reporting purposes whereby the costs of any research and development projects that are over 70 percent likely to succeed are capitalized and then depreciated over a five-year period with a full year of depreciation in the year of capitalization. in the current year, $400,000 was spent on project one, and it was 55 percent likely to succeed, $600,000 was spent on project two, and it was 65 percent likely to succeed, and $900,000 was spent on project three, and it was 75 percent likely to succeed. in converting the internal financial statements to external financial statements, by how much will net income for the current year have to be reduced? a. $180,000b. $380,000c. $720,000d. $900,000

Alicia has a collision deductible of $500 and a bodily injury liability coverage limit of $50,000. she hits another driver and injures them severely. the case goes to trial and there is a verdict to compensate the injured person for $40,000 how much does she pay?