On December 31 of the current year, a building owned by Pine Corp. was totally destroyed by fire. The building had fire insurance coverage up to $500,000. Other pertinent information as of December 31 of the current year follows:
Building, carrying amount $ 520,000
Building, fair market value 550,000
Removal and cleanup cost 10,000
During January of the following year, before the current year financial statements were issued, Pine received insurance proceeds of $500,000.
Required:
1. On what amount should Pine base the determination of its loss on involuntary conversion?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On December 31 of the current year, a building owned by Pine Corp. was totally destroyed by fire. The building had fire insurance coverage ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Companies are using social media in their marketing strategies to allow A. Customers to post comments in support of their products B. Two-way conversations with customers and prospective customers C.
Answers (1)
Ortega Company manufactures computer hard drives. The market for hard drives is very competitive. The current market price for a computer hard drive is $45. Ortega would like a profit of $10 per drive.
Answers (1)
When a company's organizational design changes, effective managers should also anticipate doing which of the following? a. Changing the company's leadership practices and strategic position b.
Answers (1)
With a patent on drug Z27, why would Able Drug Company charge customers $7 per 100 units even though its cost of producing 100 units is less than that?
Answers (1)
When firms in monopolistic competition differentiate their products, among the techniques they use are?
Answers (1)
New Questions in Business
In perfect competition A. the market demand curve and the individual's demand curve are identical. B. the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic. C.
Answers (1)
With regard to how people use time and their expectations of how it should be managed, members of which type of culture value efficiency production and fast results?
Answers (1)
How would u approach a fellow co-worker consistently does not perform hand-hygiene when it is indicated or appropriate.
Answers (1)
Which of the following statements is FALSE? A. The effective annual rate indicates the amount of interest that will be earned at the end of the year. B. The annual percentage rate indicates the amount of simple interest earned in one year. C.
Answers (1)
Match the business with the appropriate cost system (s) for that business using the number of the cost system where 1 = job order costing, 2 = process costing, and 3 = activity-based costing. a. Ketcher, Tryer, and Friar, attorneys-at-law b.
Answers (1)