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Hammy is the owner of Squirrel Co., which has the following transactions in 2020: Sold land on 7/1 for $250,000; in-service 5/1/15, cost $110,000 Disposed
Hammy is the owner of Squirrel Co., which has the following transactions in 2020: Sold land on 7/1 for $250,000; in-service 5/1/15, cost $110,000 Disposed computer equipment 10/29 for $0; in-service 12/1/15, cost $75,000, A/D $65,000 Sold furniture 3/1 for $5000; in-service 2/25/14, cost $20,000, A/D $18,000 What is Squirrel Co.s gain or loss, and what kind?
a. $140,000 1231 gain; $3000 1245 gain
b. $133,000 1231 gain; $0 1245 gain
c. $130,000 1231; $3000 1245 gain
d. None of these
e. $0 1231 gain; $143,000 1245 gain
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