On september 18, 2019, gerald received land and a building from frank as a gift. no gift tax was paid on the transfer. frank’s records show the following. asset adjusted basis fmv land $100,000 $212,000 building 80,000 100,000 do not round any division. round your final answer to the nearest dollar. a. determine gerald's adjusted basis for the land and building. gerald's adjusted basis for the land is $. gerald's adjusted basis for the building is $. b. assume instead that the fair market value of the land was $87,000 and that of the building was $65,000. determine gerald's adjusted basis for the land and building. gerald's basis for gain: gerald's adjusted basis for the land is $. gerald's adjusted basis for the building is $. gerald's basis for loss: gerald's adjusted basis for the land is $. gerald's adjusted basis for the building is $.

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?