Wilshire Corporation purchased a commercial building in 2001 for $975,000 . During 2017, the building is sold for $775,000 . The actual depreciation on the building as of the sale date was $300,000 . What is the amount and character of the gain recognized on the sale?
a. $100,000 Section 1250 ordinary income.
b. $100,000 Section 1231gain.
c. $100,000 Unrecaptured Section 1250 gain.
d. $100,000 Section 1245 gain.
b
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Indicate whether the statement is true or false.
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Minnon, Inc., uses a weighted-average process-costing system. All materials are introduced at the beginning of production; conversion cost is incurred evenly throughout manufacturing. The following information pertains to April:Beginning Work in Process (80% complete)9,000 unitsGoods completed during April53,000 unitsEnding work in process (30% complete)12,000 unitsThe company's accountant has already computed the cost per equivalent unit, as follows: materials, $5; conversion, $14.Required:Calculate the cost of goods completed during April and the cost of the ending work-in-process inventory.
What will be an ideal response?
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