Shimmer Inc. is a calendar-year end, accrual-method corporation. This year, it sells the following long-term assets: Asset_____________________

Question:

Shimmer Inc. is a calendar-year end, accrual-method This year, it sells the following long-term assets:
Asset_____________________ Sales Price __________ Cost _____Accumulated Depreciation
Building ..............................$ 650,000..............$642,000..............$37,000
Sparkle stock............130,000...............175,000...................n/a
Shimmer does not sell any other assets during the year and its taxable income before these transactions is $800,000. What is Shimmer's taxable income and tax liability for the year?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...