Project Description:

mike beasley buys and sells real estate. on december 31, 2016, his inventory of property included a tract of undeveloped land for which he had paid $800,000. the fair market value of the land was $900,000 at that date. how much income should beasley report for 2016 in connection with this land?
how much is the income reported in connection with the land? ______________

hubbard building company signed a contract with a customer on november 1, 2016. the contract called for construction of a building to begin by december 31, 2016, and to be completed by december 31, 2017. the contract price was $8.0 million. hubbard estimated that the building would cost $5 million. on november 15, 2016, the customer was required to make an advance payment of $1,000,000. no work was done on the project until january 2017. how much income from the project should hubbard report in 2016?
how much is the income from the project? ________________

martinez, llc, paid insurance premiums of $7,200 on december 1, 2016. these premiums covered a two-year period beginning on that date. what amount, from this payment, should the corporation show as insurance expense for the year 2016?
how much is the insurance expense? _______________________________
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Project Stats:

Price Type: Fixed

Project Budget: $10 to $20
Total Proposals: 2
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