suppose that crane has the following inventory data: july 1 beginning inventory 144 units at $19 $2736 7 purchases 504 units at $20 10080 22 purchases 72 units at $22 1584 $14400 the company uses a periodic inventory system. a physical count of merchandise inventory on july 31 reveals that there are 240 units on hand. using the average-cost method, the value of ending inventory is

A current asset is an item that can be converted to cash within one year or one operating cycle of the firm. These assets are important for assessing a company's liquidity and short-term financial health.

An item that can be converted to cash within one year or one operating cycle of the firm is classified as a current asset. Examples of current assets include cash and cash equivalents, accounts receivable, inventory, and prepaid expenses. Current assets are listed on a company's balance sheet and are important for assessing a company's liquidity and short-term financial health.

Investors and analysts use current assets to evaluate a company's ability to pay off short-term obligations, such as accounts payable and short-term loans. The current ratio, which is calculated by dividing a company's current assets by its current liabilities, is a common metric used to assess a company's liquidity. A high current ratio indicates that a company has a strong ability to pay off its short-term obligations, while a low current ratio suggests that a company may have difficulty meeting its short-term financial obligations.

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If you are considering buying your aunt's jewelry store, it is important to understand the role of accounting in running and managing a company. Accounting plays a crucial role in keeping track of the company's financial transactions, managing expenses and revenues, preparing financial statements, and ensuring compliance with tax and regulatory requirements.

When it comes to keeping the accounting function in business, there are a few key things to consider. First, it is important to have a good understanding of the accounting principles and practices that apply to your business. This may require hiring an experienced accountant or bookkeeper to help you set up and manage your financial records.

Second, you will need to choose the right accounting software and tools to help you track and manage your finances. There are many different options available, from basic spreadsheets to more sophisticated accounting software programs. Be sure to choose a system that is user-friendly and tailored to the specific needs of your business.

Finally, it is important to establish a system of checks and balances to ensure the accuracy and integrity of your financial records. This may involve having multiple people involved in the accounting process or implementing internal controls to prevent fraud or errors.

Overall, keeping the accounting function in business requires careful planning, attention to detail, and a commitment to accuracy and transparency. By taking these steps, you can ensure that your business runs smoothly and successfully and that you can make informed decisions based on accurate financial information.

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Roe's total revenue and total costs is $5000 and $4300 respectively.

To calculate total revenue and total costs we need to consider all of the costs associated with producing and selling 500 masks.

The direct material cost per unit is $1, and the direct labor cost per unit is $2, so the total variable cost per unit is $3 ($1 + $2). Therefore, the total variable cost for producing 500 masks would be $1,500 (500 x $3).

In addition to the variable costs, Roe incurs fixed costs such as rent, salary, and depreciation. These costs do not vary with the number of units produced. The total fixed cost for Roe would be $2,800 ($1,000 + $1,500 + $300).

To calculate the total cost for producing 500 masks, we add the total variable cost and the total fixed cost. Therefore, Roe's total cost for producing 500 masks would be $4,300 ($1,500 + $2,800).

To calculate the total revenue, we need to multiply the selling price per unit by the number of units sold. Roe sells each mask at $10, so the total revenue for selling 500 masks would be $5,000 (500 x $10).

In conclusion, if Roe sells 500 masks, their total revenue would be $5,000, and their total costs would be $4,300. Therefore, Roe's profit would be $700 ($5,000 - $4,300).
Total costs = $500 + $1,000 + $1,000 + $1,500 + $300 = $4,300

Therefore, the correct answer is Total revenue and Total costs $5,000 and $4,300 respectively.

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The four components of a SWOT analysis are A. Weaknesses, B. Threats, F. Strengths, and an additional component, Opportunities.

In summary:

1. Strengths: These are the internal, positive attributes of a company or organization.
2. Weaknesses: These are the internal, negative attributes of a company or organization.
3. Opportunities: These are external factors that can be beneficial to the company or organization.
4. Threats: These are external factors that can pose challenges or risks to the company or organization.

SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. It is a strategic planning tool used to analyze a company's internal and external factors.

Overall, SWOT analysis is a valuable tool for companies to assess their strategic position and plan for the future.

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An emergency plan should include all necessary steps and procedures that need to be taken during an emergency.

One of the most important elements of an emergency plan is to have an evacuation plan in place. This involves identifying emergency exits and routes, assigning roles and responsibilities to individuals or teams, and establishing a safe meeting place. Another key element is to report the emergency immediately to the relevant authorities, such as 911 or emergency services. It's also important to establish a check-in time, where all employees or individuals involved in the emergency must report back to the designated person or team to ensure everyone is accounted for. Contacting authorities is also a critical part of an emergency plan, as they can provide guidance and support during an emergency situation.

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Answer:

Explanation:

The rule of engagement that would cover this limitation is the "No-Phishing/Spear-Phishing" rule. This rule typically prohibits the penetration testing consultants from attempting to phish or spear-phish any executives or employees of the client organization. This is important as it helps to protect sensitive data and prevent any potential security breaches. Tilde should ensure that this rule is clearly outlined and agreed upon by both parties before any testing begins. It is also recommended that she regularly communicates with the penetration testing consultants to ensure that they are adhering to the rules of engagement.

The "No-Phishing/Spear-Phishing" rule refers to the practice of not engaging in or falling victim to email scams that attempt to steal personal or sensitive information. Phishing typically involves a mass email sent to a large group of people, while Spear-Phishing is more targeted and personalized to the recipient. Following this rule means being skeptical of unsolicited emails, avoiding clicking on suspicious links or downloading attachments, and reporting any suspicious activity to the appropriate authorities. Protecting oneself and others from phishing attacks is crucial in preventing identity theft, financial fraud, and other cybersecurity risks.

Digital interactive media are relatively new, and as a result, there are many terms that are commonly used by new media advertisers like Impressions, Click-through rate,  Cost per click ,  Conversion rate, Engagement, Reach, Retargeting etc.

These are just a few examples of the many terms that are commonly used in the world of digital advertising. It's important for advertisers and marketers to be familiar with these terms in order to effectively evaluate and optimize their campaigns.

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For the organizational pattern, the best choice for this situation would be the direct approach, as it is important to address the main message and issue upfront, without wasting time or appearing evasive.

For the delivery style, it is recommended to use a calm and controlled approach to avoid escalating any hostility in the audience.

For the supporting material, it is best to include objective data and expert opinions to support the message and convey a sense of credibility. It is not advisable to use humor or startling visuals, as they may detract from the seriousness of the message and further agitate the audience.

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a. The ratio of fixed assets to long-term liabilities for Celebrate Company is 1.20. b. The ratio of liabilities to stockholders' equity for Celebrate Company is 1.20.

This is calculated by dividing the net fixed assets ($358,800) by the long-term liabilities ($299,000):

Ratio of Fixed Assets to Long-Term Liabilities = Net Fixed Assets / Long-Term Liabilities = $358,800 / $299,000 = 1.20

This ratio shows how much of the long-term liabilities are covered by the fixed assets of the company. A ratio above 1.0 indicates that the company has more fixed assets than long-term liabilities, which can be a positive sign for investors.

b. The ratio of liabilities to stockholders' equity for Celebrate Company is 1.20. This is calculated by dividing the total liabilities ($1,255,800) by the total stockholders' equity ($1,046,500):

Ratio of Liabilities to Stockholders' Equity = Total Liabilities / Total Stockholders' Equity = $1,255,800 / $1,046,500 = 1.20

This ratio measures the extent to which the company is financed by debt compared to equity. A ratio above 1.0 indicates that the company has more liabilities than equity, which can be a concern for investors as it may indicate that the company is relying too heavily on debt financing.

Overall, it is important for investors to consider both of these ratios when analyzing a company's long-term solvency.

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The journal entry to record reissuing treasury stock at a price below the cost of the treasury stock includes a debit to cash and a credit to treasury stock for the cost of the shares being reissued.

Additionally, any excess of the amount received over the cost of the shares reissued should be recorded as a credit to additional paid-in capital.

However, if the excess is not sufficient to cover the full amount of any previously recorded debit to additional paid-in capital, then the remaining amount should be recorded as a debit to additional paid-in capital. No credit or debit should be recorded to common stock.

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Process departmentalization is a method of grouping jobs based on the specific processes or activities that are involved in producing a product or delivering a service.

In this approach, jobs are grouped into departments based on the functions they perform or the processes they are involved in, such as marketing, finance, production, human resources, and so on. By grouping jobs based on processes or activities, the organization can improve coordination and control of resources and operations, as well as increase efficiency and productivity. Each department can focus on their specific process and work collaboratively with other departments to ensure the smooth flow of work and the delivery of high-quality products or services.

For example, in a manufacturing company, process departmentalization might involve grouping jobs into departments such as fabrication, assembly, quality control, packaging, and shipping. Each department would be responsible for a specific process or activity involved in the production of the product, and the managers of each department would work together to ensure that the process flows smoothly and efficiently. Overall, process departmentalization is a useful approach for organizations that have complex operations involving multiple processes and activities. It can help to improve communication, reduce duplication of effort, and enhance overall efficiency and effectiveness.

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The late majority is a group of consumers who tend to be skeptical and cautious when it comes to adopting new products. They are known for waiting until a product has proven itself before making a purchase.

Typically, the late majority tends to adopt products during the maturity stage of the product life cycle. During this stage, the product has already been introduced to the market, and early adopters and early majority have already made their purchases.

The product is now widely available and its benefits and drawbacks are well-known. The late majority feels comfortable enough to buy the product because they see that it has a stable market and a proven track record.

They want to make sure that they are investing in a product that has staying power and will be worth their money in the long run.

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Examples of data objects that a RDBMS may include are 1. Addresses of the company's wholesalers and the number of items in a company's inventory, 2. Names of customers and records of when merchandise was returned. So, both the given options are correct.

Both of these examples involve organizing and managing related data, which is the primary function of an relational database management system (RDBMS) . In the first example, an RDBMS can store information about wholesalers and inventory, while in the second example, it can manage customer names and return records.

These data objects can be organized into tables, with relationships between the tables to efficiently manage and retrieve the data when needed.

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If you have to start paying interest immediately on a student loan, you probably have a unsubsidized loan. Unsubsidized loans are different from subsidized loans because they accrue interest while the borrower is still in school.

This means that the borrower is responsible for paying the interest that has accumulated on the loan while they are still in school, which is not the case for subsidized loans. Having to pay interest on a loan immediately can add up quickly and increase the overall cost of the loan. Borrowers should be aware of the type of loan they have and how interest will accrue on it. It is important to read and understand the terms and conditions of the loan agreement before signing on the dotted line. In summary, if you are required to pay interest on a student loan from the very beginning, it is likely that you have an unsubsidized loan. As with any loan, it is important to understand the terms and conditions and make sure you are aware of the interest that will accrue on the loan.

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To determine what the price needs to be in order to sell at least 1600 hats next year, we can use the concept of elasticity of demand. Elasticity of demand is a measure of how much the quantity demanded changes in response to a change in price. If demand is elastic, then a small change in price will result in a large change in quantity demanded. If demand is inelastic, then a change in price will result in a small change in quantity demanded.

To calculate elasticity of demand, we can use the formula:

Elasticity of demand = % change in quantity demanded / % change in price

Let's use the data provided to calculate the elasticity of demand for the hat shop:

% change in quantity demanded = (2000 - 1500) / 1500 = 0.333 or 33.3%

% change in price = (12 - 10) / 12 = 0.167 or 16.7%

Elasticity of demand = 33.3% / 16.7% = 2

This means that demand for hats at the shop is elastic, and a decrease in price will result in a larger increase in quantity demanded.

Now we can use the following formula to determine the new price needed to sell at least 1600 hats:

New price = Old price x (New quantity demanded / Old quantity demanded) ^ (-1 / Elasticity of demand)

Plugging in the values we have:

New price = 10 x (1600 / 2000) ^ (-1 / 2) = 9.05 dollars

Therefore, the hat shop owner would need to sell hats at 9.05 dollars in order to sell at least 1600 hats next year, assuming demand remains elastic.

The correct answer is a) All the shareholders agree to be taxed as in a partnership.

To avoid double taxation, a Subchapter S corporation must elect to be taxed as a pass-through entity, which means that the company's income is passed through to the shareholders and taxed on their individual tax returns.

This is only possible if all shareholders agree to be taxed as in a partnership, and the corporation meets other eligibility requirements.

Filing Articles of Partnership or having no retained earnings are not necessary for avoiding double taxation as a Subchapter S corporation.

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In order to compute the unadjusted balance for the bad debts expense account, you first need to enter the journal entries.

These entries typically involve recording any bad debts that have been identified during the accounting period. This may include writing off specific accounts as uncollectible or adjusting the estimated bad debts expense based on new information or changes in the business environment.

Once all of the relevant journal entries have been recorded, you can then calculate the unadjusted balance for the bad debts expense account by adding up all of the debits and subtracting all of the credits. This will give you a starting point for making any necessary adjustments or preparing the account for financial reporting purposes.

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True. To achieve defence in depth, an organization needs to establish multiple layers of security controls and safeguards to protect its systems and data from various threats and attacks.

This includes implementing measures such as firewalls, intrusion detection and prevention systems, antivirus software, access controls, encryption, and regular security assessments and audits. The goal is to create a multi-layered defence system that can detect, prevent, and mitigate security incidents at every level of the organization's infrastructure.

To achieve defence in depth, an organization must establish multiple layers of security controls and safeguards. This statement is True. Defence in depth involves implementing a combination of physical, technical, and administrative controls to create a comprehensive security strategy, thus providing multiple layers of protection against potential threats.

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Total variance = ($258.75 - $2,645) + ($459.00 + $476.90) = $2,126.30 unfavorable + $936.90 favorable = $1,189.40 unfavorable
This total variance of $1,189.40 unfavorable is 13.66% of the total cost of direct materials and direct manufacturing labor in the flexible budget ($8,783.50 + $10,530 = $19,313.50).

In May 2017, Maria Dee, Inc. had actual results and a static budget for direct inputs, specifically for direct materials and direct manufacturing labor, as shown in the table.

To calculate the direct materials and direct manufacturing labor price and efficiency variances, we first need to determine the budgeted quantity and price for each input. The budgeted quantity for direct materials was 600 units, and the budgeted price was $17.55 per unit, for a total flexible budget of $10,530. The budgeted quantity for direct labor was 675 hours, and the budgeted price was $12.98 per hour, for a total flexible budget of $8,783.50.

Next, we can calculate the variances for each input:

- Direct materials: The actual quantity of direct materials used was 675 units, which is 75 units more than the budgeted quantity. The actual price per unit was $21, which is $3.45 more than the budgeted price. Therefore, the direct materials price variance is (75 units x $3.45) = $258.75 unfavorable. The actual cost of direct materials was $14,175, which is $2,025 more than the flexible budget. Therefore, the direct materials efficiency variance is ($10,530 - $14,175) = $2,645 unfavorable.
- Direct manufacturing labor: The actual quantity of direct labor used was 675 hours, which is the same as the budgeted quantity. The actual price per hour was $12.30, which is $0.68 less than the budgeted price. Therefore, the direct manufacturing labor price variance is (675 hours x $0.68) = $459.00 favorable. The actual cost of direct manufacturing labor was $8,306.60, which is $1,089.45 less than the flexible budget. Therefore, the direct manufacturing labor efficiency variance is ($8,783.50 - $8,306.60) = $476.90 favorable.

To calculate the total flexible-budget variance for both inputs combined, we add the direct materials and direct manufacturing labor variances together:

Total variance = ($258.75 - $2,645) + ($459.00 + $476.90) = $2,126.30 unfavorable + $936.90 favorable = $1,189.40 unfavorable

This total variance of $1,189.40 unfavorable is 13.66% of the total cost of direct materials and direct manufacturing labor in the flexible budget ($8,783.50 + $10,530 = $19,313.50).

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Entry for bond issuance will be debit cash and credit bonds payable. Entry for interest expenses will be debit interest expenses and credit interest payable. Entry for interest payment will be debit interest payable and credit cash.

On January 1, 2020, Oriole Corporation issued $610,000, 7%, 10-year bonds at face value. The interest is payable annually on January 1, and the corporation has a calendar year-end. To prepare all entries related to the bond issue for 2020, you would need to record the following journal entries:

1. Bond issuance on January 1, 2020:

(Account Titles and explanation)        (Debit)         (Credit)
Cash                                                     610,000
   Bonds Payable                                                    610,000
(To record bond issuance at face value)

2. Interest expense accrual on December 31, 2020:

(Account Titles and explanation)        (Debit)         (Credit)
Interest Expense                                 42,700
   Interest Payable                                                   42,700
(To accrue interest expense for 2020, calculated as $610,000 * 7%)

3. Interest payment on January 1, 2021:

(Account Titles and explanation)        (Debit)         (Credit)
Interest Payable                                 42,700
   Cash                                                                       42,700
(To record payment of interest on bonds)

Please note that the third entry occurs on January 1, 2021, but it's still related to the 2020 financial year.

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As an important first step in a social media campaign, marketers should make sure they know their **target audience**. This will help them create relevant content and choose the most effective platforms for reaching their intended audience.

As an important first step in a social media campaign, marketers should make sure they know their target audience. Understanding the demographics, interests, and behaviors of the intended audience is crucial in creating effective and engaging content that resonates with them on social media. Without a clear understanding of the target audience, social media campaigns may not achieve the desired results and could potentially miss the mark.

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Patty goes to Jefferson's and buys 10 hot wings for $10 and pays cash. She is using money as a medium of exchange.

As a widely accepted payment method for transactions involving goods and services, money serves as the medium through which individuals exchange value.

For example, when Patty buys hot wings by handing over cash at an agreed-upon price point, she uses it to facilitate payments with the eatery. Essentially, the role of money as a medium of exchange is one of its primary functions in any economy.

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Answer: option B ($540 million)

Hi! To calculate the pension expense that Panther should report in its 2021 income statement, we need to consider the following components: Service Cost, Amortization of Prior Service Cost, Interest on Pension Obligation, and Actual Return on Plan Assets.

Here's the step-by-step calculation:

1. Service Cost for 2021: $480 million
2. 2021 Amortization of Prior Service Cost: $15 million
3. Interest on Pension Obligation for 2021: $150 million
4. Actual and Expected Return on Plan Assets for 2021: -$105 million (subtracting this value as it reduces the pension expense)

Now, add up the values:
Pension Expense = 480 + 15 + 150 - 105 = $540 million

So, the pension expense that Panther should report in its 2021 income statement is $540 million (option B).

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Once goldsmiths started making loans  B. Their outstanding receipts were greater than the amount of gold they had in their vaults.

This situation occurred because goldsmiths realized they could issue more receipts than the actual gold they possessed, assuming that not all depositors would request their gold simultaneously. This practice marked the beginning of fractional reserve banking, where banks maintain only a fraction of the total deposits as reserves.

As goldsmiths issued loans using their gold reserves, they essentially created money through the credit system. However, this practice also posed certain risks. If all depositors demanded their gold simultaneously, goldsmiths would not be able to fulfill their obligations, leading to a loss of confidence in the banking system.

Despite these risks, the fractional reserve system allowed goldsmiths to extend credit and promote economic growth. Today, modern banks still employ fractional reserve banking, with regulations and safeguards in place to manage potential risks.

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For the entire quarter, the total cash collections are $246,760, which includes $97,000 in cash sales and $149,760 in collections on credit sales.

Monachino Corporation's cash collections budget for the first quarter would look as follows:

| Month | Cash Sales | Collections on Credit Sales | Total Cash Collections |
|-------|------------|-----------------------------|------------------------|
| Jan   | $34,000    | $34,000 (25% of $136,000)    | $68,000                |
| Feb   | $26,000    | $68,000 (50% of $136,000)    | $94,000                |
| Mar   | $37,000    | $47,760 (25% of $190,240)    | $84,760                |
| Quarter | $97,000   | $149,760                      | $246,760                |

To calculate the collections on credit sales, we used the given collection pattern: 25% received in the month of the sale, 50% received in the month after the sale, and 16% received two months after the sale. We also assumed that 9% of credit sales would never be received.

In January, the total cash collections are $68,000, which includes $34,000 in cash sales and $34,000 in collections on credit sales. In February, the total cash collections are $94,000, which includes $26,000 in cash sales and $68,000 in collections on credit sales. In March, the total cash collections are $84,760, which includes $37,000 in cash sales and $47,760 in collections on credit sales.

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Since the exchange had no commercial substance, we will not record a gain or loss on the exchange.

On Hodge Co.'s books:

Debit: Building M $6,016,000

Credit: Building 24 $6,400,000

Credit: Cash (difference) $384,000

On Fine Co.'s books:

Debit: Building 24 $10,120,000

Credit: Building M $6,016,000

Credit: Cash $4,104,000

To check the amount recorded for Building M on Hodge's books:

The appraised value of Building M = $6,016,000

Cost of Building M = $12,040,000

Accumulated depreciation of Building M = $6,336,000

Book value of Building M = Cost - Accumulated depreciation = $12,040,000 - $6,336,000 = $5,704,000

The amount recorded for Building M on Hodge's books is $6,016,000, which is greater than the book value of $5,704,000. This indicates that Hodge Co. recorded the building at its fair value, as required by accounting standards.

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If you plan to take money out of the bank frequently, the best type of account to get is a checking account. Option B.

A checking account is designed for everyday transactions and typically offers easy access to funds through methods such as ATM withdrawals, debit card transactions, and online bill payments.

This type of account also usually has lower fees and fewer restrictions on the number of transactions you can make compared to a savings account.

A checking account is the best choice for frequent withdrawals and everyday transactions, while a savings account, interest account, and investment account are better suited for different financial goals and objectives.

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In its income statement for the year ended December 31, 2025, Woo will report interest expense and amortization  expense.  The correct answer is A.

In a sales-type lease, the lessor recognizes the sale of the asset and the lease receivable at the commencement of the lease. The lease payments are composed of interest and principal, and the interest revenue is recognized over the lease term using the effective-interest method. The amortization expense is recognized over the useful life of the leased asset.

Since Mann Company is the lessor and has classified the lease as a sales-type lease, it will report interest revenue and depreciation expense in its income statement. On the other hand, Woo Corporation, as the lessee, will report interest expense and amortization expense in its income statement. The interest expense will be calculated using the effective-interest method, and the amortization expense will be calculated based on the leased asset's useful life.

Since the lease began on December 31, 2024, the first lease payment will be made on December 31, 2024, and the second lease payment will be made on December 31, 2025. As a result, Woo Corporation will report interest expense and amortization expense on its income statement for the year ended December 31, 2025.

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Complete question:

Mann Company is the lessor in a six-year lease that the lessor classifies as a sales-type lease. The lease payments begin December 31, 2024. The agreement specifies that Woo Corporation make equal annual lease payments on December 31 of each year. In its income statement for the year ended December 31, 2025:

a. Woo will report interest expense and amortization expense.

b. Woo will report interest expense and lease expense.

c. Mann will report interest revenue and depreciation expense.

d. Mann will report interest revenue and amortization expense.

e. Woo will report interest expense and amortization expense.

The market risk premium is 6.41%.

To calculate the market risk premium, we need to subtract the risk-free rate from the expected return on the market.

Market Risk Premium = Expected Return on Market - Risk-Free Rate

Market Risk Premium = 12.02% - 5.55% = 6.47%

However, we also need to adjust for inflation. To do so, we add 1 to the risk-free rate and divide it by 1 plus the inflation rate. Then we subtract 1 from the result and multiply it by the expected return on the market.

Market Risk Premium = (Expected Return on Market - [(1 + Risk-Free Rate)/(1 + Inflation Rate) - 1]) - Risk-Free Rate

Market Risk Premium = (12.02% - [(1 + 5.55%)/(1 + 3.04%) - 1]) - 5.55%

Market Risk Premium = (12.02% - [1.0584 - 1]) - 5.55%

Market Risk Premium = 12.02% - 1.0584 + 1 - 5.55%

Market Risk Premium = 6.41%

Therefore, the market risk premium is 6.41%.

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Simone recognizes a gain of $778,000 in the exchange, but no recognized gain is reported, and her basis in the Plum stock she receives is $287,000.

To determine the amount of gain Simone recognizes in the exchange and her basis in the Plum stock she receives, we need to calculate the realized gain and the fair market value (FMV) of the stock received.

Realized Gain:

Realized gain is the difference between the amount realized from the exchange and Simone's tax basis in the Purple stock.

Realized gain = Amount realized - Tax basis in Purple stock

Recognized Gain:

Since Simone transferred 100 percent of her stock in Purple Company in a Type A merger, the exchange qualifies as a tax-free exchange under Section 368(a)(1)(A) of the Internal Revenue Code. Therefore, no recognized gain is reported on the exchange.

Basis in Plum Stock:

Simone's basis in the Plum stock she receives will be equal to her tax basis in the Purple stock.

Basis in Plum stock = Tax basis in Purple stock

= $287,000

Therefore, Simone recognizes a gain of $778,000 in the exchange, but no recognized gain is reported, and her basis in the Plum stock she receives is $287,000.

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