52. Patel Industries, a sole proprietorship, sold the following assets in 2021: Depre Acquired ciation Sale Price Asset Cost Sale Date Warehouse $150,000 10/10/2014 $25,801 $175,000 03/15/2021 Truck 18,000 01/15/2020 6,480 16,000 01/14/2021 Computer 25,000 07/31/2020 6,634 17,000 08/31/2021 a. The following questions relate to the sale of the warehouse: (1) What is the adjusted basis of the warehouse? (2) What is the realized gain on the warehouse? (3) What amount of the gain is taxed according to § 1250 rules? (4) What amount is considered a § 1231 gain before netting? (1) What is the adjusted basis of the truck? (2) What is the realized gain on the truck? (3) What amount of the gain is taxed according to $ 1245 rules? (4) What amount of the gain is taxed as ordinary income? c. The following questions relate to the sale of the computer: (1) What is the adjusted basis of the computer? (2) What is the realized gain or loss on the sale? (3) Which IRC section code applies to this asset? Page 7-52
Answers
The adjusted basis of the warehouse is calculated as follows:
Cost basis = $150,000
Depreciation taken = $25,801
Adjusted basis = Cost basis - Depreciation taken
Adjusted basis = $150,000 - $25,801
Adjusted basis = $124,199.
The realized gain on the warehouse is calculated as follows:
Sale price = $175,000
Adjusted basis = $124,199
Realized gain = Sale price - Adjusted basis
Realized gain = $175,000 - $124,199
Realized gain = $50,801
The amount of the gain taxed according to § 1250 rules is calculated as follows:
Depreciation recapture = Depreciation taken × Recapture rate
= 25%
Depreciation recapture = $25,801 × 0.25
Depreciation recapture = $6,450.25The amount considered a § 1231 gain before netting is $44,350.75 ($50,801 - $6,450.25).
b.
(1) The adjusted basis of the truck is calculated as follows:
Cost basis = $18,000
Depreciation taken = $6,480
Adjusted basis = Cost basis - Depreciation taken
Adjusted basis = $18,000 - $6,480
Adjusted basis = $11,520
(2) The realized gain on the truck is calculated as follows:
Sale price = $16,000
Adjusted basis = $11,520
Realized gain = Sale price - Adjusted basis
Realized gain = $16,000 - $11,520
Realized gain = $4,480
(3) The amount of the gain taxed according to § 1245 rules is the lesser of:
(a) Depreciation taken = $6,480 or
(b) Realized gain = $4,480
Thus, the amount of the gain taxed according to § 1245 rules is $4,480.
(4) The amount of the gain taxed as ordinary income is $0, since the realized gain is less than the depreciation taken.
c.
(1) The adjusted basis of the computer is calculated as follows:
Cost basis = $25,000
Depreciation taken = $6,634
Adjusted basis = Cost basis - Depreciation taken
Adjusted basis = $25,000 - $6,634
Adjusted basis = $18,366
(2) The realized gain or loss on the sale is calculated as follows:
Sale price = $17,000
Adjusted basis = $18,366
Realized loss = Adjusted basis - Sale price
Realized loss = $18,366 - $17,000
Realized loss = $1,366
(3) Since the realized loss is less than the depreciation taken, the IRC section code that applies to this asset is § 1231.
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Related Questions
3. what do you think of tiffany’s decision to not sell engagement rings online? what do you think of blue nile’s growth into the non-engagement category?
Answers
Tiffany's decision to not sell engagement rings online because they want to to maintain the exclusivity and luxury of their brand. Blue Nile's growth into the non-engagement category in order to diversify their offerings and reach a wider audience.
Tiffany's decision to not sell engagement rings online is a strategic one, because by not selling engagement rings online, Tiffany is able to maintain the exclusivity and luxury of their brand. This also allows them to control the customer experience and ensure that each customer receives personalized attention and service when purchasing an engagement ring. However, this decision also limits their reach and may prevent them from reaching a wider audience who prefer to shop online.
As for Blue Nile's growth into the non-engagement category, this is a smart move. By expanding into other categories, Blue Nile is able to diversify their offerings and reach a wider audience. This also allows them to tap into new markets and potentially increase their overall sales and revenue.
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lazer co. is a u.s. firm that exports computers to belgium invoiced in euros and to italy invoiced in dollars. additionally, lazer co. has a subsidiary in south korea that produces computers and sells them there. lazer also has competitors in different countries. lazer co. is subject to: (lo 8.1) group of answer choices
Answers
Additionally, Lazer Co. has a subsidiary in Korea that produces computers in South Korea and sells them there. Lazer also has competitors in different countries. Lazer Co. is subject to translation exposure.
Translation publicity (also known as translation threat) is the risk that an employer's equities, assets, liabilities, or earnings will alternate in cost because of change fee adjustments. This happens whilst a firm denominates a part of its equities, assets, liabilities, or profits in overseas forex. Transaction publicity arises whilst a business enterprise enters into a transaction regarding overseas foreign money and commits to make or receive payment in foreign money aside from its domestic forex. Translation publicity arises on the stability sheet consolidation date and is on the give-up of a given monetary length (sector or yr). Translation exposure is a form of accounting chance that arises due to fluctuations in forex quotes. converting the values of a overseas subsidiary's holdings into the figure employer's domestic currency can lead to inconsistencies if trade rates trade constantly.
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Disclaimer: The question is incomplete. Please read below to find the missing content.
Lazer Co. is a U.S. firm that exports computers to Belgium invoiced in euros and to Italy invoiced in dollars. Additionally, Lazer Co. has a subsidiary in Korea that produces computers in South Korea and sells them there. Lazer also has competitors in different countries. Lazer Co. is subject to:
a.
transaction exposure.
b.
economic exposure.
c.
translation exposure.
d. all of these
According to the Robert Merton video, in the 2008 financial crisis there was a loss of trust in the _____ and _____ of financial services.
Answers
The Robert Merton film claims that during the 2008 financial crisis, there was a decline in confidence in financial services providers and regulators.
A financial crisis has happened when the value of financial assets and instruments drops significantly. Due to a lack of readily available cash or convertible assets, businesses struggle to pay their debts, and financial institutions are unable to finance projects or meet urgent demands. Consumers' ability to pay back loans becomes more difficult as investors' confidence in the value of their assets diminishes and their earnings and possessions are put in danger. A financial crisis is any of a wide range of circumstances where some financial assets unexpectedly lose a significant portion of their nominal value. There were many financial crises and banking panics in the late 19th and early 20th centuries, and many recessions followed these panics. Currency crises, sovereign defaults, stock market disasters, and the deflate of various financial bubbles are further situations that are commonly referred to as financial crises.
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According to the digital disconnect and the lecture, the global digital divide is the result of _____.
Answers
According to Digital Disconnect, the global digital divide is the result of the hyper-commercialization of Internet development that only serves affluent populations/groups.
The Digital Disconnect refers to experts' examination of current theory, research, and practice in socio-digital inequality. The Digital Disconnect provides a thorough analysis of capitalism's exploitation of the Internet. As per the Digital Disconnect, it is the hypercommercialism of mainstream computing technologies that causes the global digital divide. The global digital divide refers to global discrepancies, particularly between developing countries, and developed in access to computing and information resources such as the Internet, as well as the opportunities that such access provides.
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Which of the following is NOT Considered personal information?
O a) Social Security number
Ob) Date of Bith
Oc) Place of employment
O d) Credit card number
Answers
Answer: NOne of the above. Or C Place of employement
Explanation:
The personal information that does not consider is the place of employment.
The following things should be considered for personal information:
The number of social security.The date of birth.The credit card number.Personal information refers to the information that does not share with anyone as it is safe and secure data that should be kept with the person only.
Therefore we can conclude that the personal information that does not consider is the place of employment.
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I’m confused please help
Answers
Income is not the sole factor that influences demand. Tastes and preferences, the composition or size of the population, the cost of comparable commodities, and even expectations all influence demand.
A shift in demand describes a movement in customer desire to acquire a specific commodity or service, regardless of price variance. A shift in income levels, customer choices, or a different pricing for a comparable product might be the catalyst for the change.
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People are living paycheck to paycheck why is that a problem
Answers
why is healthcare accounting important?
Answers
Answer:
Nowhere is accounting more important in a medical practice than in revenue cycle management (RCM). ... Managing a medical office's payments received. Processing and tracking, which can often become complex. Determining patient eligibility for specific services.
Explanation:
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
How long should a cover letter be? A. Less than one page B. Two pages C. Three pages D. More than four pages Please select the best answer from the choices provided A B C D
Answers
Answer: A. Less than one page
Explanation:
In for peny, in for a pound , taking care of the rands and cents
Answers
Answer:
l don't understand the question you ask
If you are interviewed by more than one person, you should send a thank-you note to _____.
each person in the interview
each person you see in the building
the first person you are introduced to
the person who is obviously leading the interview
Answers
Answer:
option A is correct.
i.e.
each person in the interview.
Explanation:
Because thank-you letter provides a simple but effective way to express gratitude to all the individuals you met with.
On october 1, sam reported the formal marketing/sales event he has scheduled for 9 a.m. on november 19. luckily, before he had flyers printed, he remembered he has an 8 a.m. dentist appointment november 19. just to make sure he can get to his event on time, he advertises the event to start at 9:30 a.m. what event reporting infraction(s) might sam incur
Answers
Answer: unreported Event
Explanation:
Sam might incur the unreported event, as he scheduled the event at 9 AM and then changed it to 9:30 A.M.
What is Event?Even refers to the planned and organized program kept for some occasion and celebration. The sole objective of the event is to bring together the people from different locations at one place and time for some reasons.
The reason of the event could be for wedding purposes, business get together or church gathering etc. All of which will be combined to investigate that goal.
According to the given, scenario, Sam reported the incident before it was advertised and at least seven days before it happened. Therefore, it can be concluded that he first scheduled the event for 9 AM and then moved it to 9:30 AM, Sam may experience the unreported event.
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According to Archbishop John Foley, what three standards does the church set forth for marketers?
Answers
Explanation: https://brainly.com/question/21490818
The difference between a lower selling price and a higher purchase price, resulting in a financial loss to the seller is known as
Answers
Capital gain or loss is simply the difference between an investment's selling price and cost or purchase price.
Capital gains occur when the selling price exceeds the cost price, while losses occur when the selling price falls below the cost price.
What distinguishes a lower purchase price from a higher selling price?The difference between a higher selling price and a lower purchase price is the dollar profit, which is derived from the value increase of an asset.
What is the difference between the stock's highest buying and selling prices?The difference between a security's highest and lowest offered purchase and sales prices is known as the bid-ask spread.
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Is money the root of all evil?
Answers
Answer:
No
Explanation:
the lo.ve of mone.y is a root of all kinds of e.v.il” or simply “for the love of money is the root of all e.vil.” Not m.oney itself, but the love of money. That's a key dis.tin.ction. Money itself is neither good nor e.vil.
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:DD
which is the largest source of tax revenue in the united states?
Answers
Answer:
Individual income taxes.
Explanation:
This has been the largest single source of federal revenue since 1950.
Over time, potential GDP ________, which is shown by the ________ curve shifting to the right.
A.
increases; aggregate demand
B.
decreases; long-run aggregate supply
C.
increases; long-run aggregate supply
D.
increases; short-run aggregate supply
Answers
Over time, potential GDP increases, which is shown by the long-run aggregate supply curve shifting to the right.
Aggregate supply is the complete amount of result firms will deliver and sell — in other words, the genuine Gross domestic product.
The vertical slanting aggregate supply curve — also known as the short run aggregate supply curve — shows the positive connection between value level and genuine Gross domestic product in the short run.
The aggregate supply curve inclines up on the grounds that when the cost level for yields increments while the value level of data sources stays fixed, the opportunity for extra benefits empowers more creation.
Likely Gross domestic product, or full-business Gross domestic product, is the greatest amount that an economy can create given full work of its current degrees of work, actual capital, innovation, and institutions.
Aggregate interest is how much absolute spending on homegrown labor and products in an economy.
The descending slanting aggregate interest curve shows the connection between the cost level for yields and the amount of complete spending in the economy.
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what is the purpose of creating a prototype?
Answers
Answer:
Prototypes provide a way to see how a possible product, idea, design, etc., would function in natural environments (not in the lab/workshop), but in the real world. They also can let designers, and those building it see if there are anything that needs to be changed or altered.
T F Credit reports are issued monthly, so you know how much money topay toward your credit card bill.
Answers
Answer:
False
Explanation:
A financial statement can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
Generally, financial statements are issued to recipients on a monthly basis.
A credit report can be defined as a financial document that comprises of detailed information about a person's credit history or activities with respect to borrowed money (loans). It is usually prepared by a credit bureau.
A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.
This ultimately implies that, the higher your credit score, the higher and better it is to obtain a loan from a potential lender.
In conclusion, credit reports are issued to a customer on request and at any given time, so he or she knows how much money to pay toward your credit card bill.
On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 4,000 12,000 2,000 3,000 500,000 5,000 Salvaged materials resulting from the demolition of the old building were sold for $2,000. Required: Determine the amounts that Beldon should capitalize as the cost of the land and the new building. Complete this question by entering your answers in the tabs below. Cost of Land Cost of New Building Determine the amounts that Beldon should capitalize as the cost of the land. (Amounts to be deducted should be indicated with a minus sign.) Capitalized cost of land: Total cost of land Cost of Land Cost of New Building Determine the amounts that Beldon should capitalize as the cost of the new building. Capitalized cost of building: Total cost of building Cost of Land Cost of New Building
Answers
Beldon should set aside $64,000 for the cost of the land and $517,000 for the cost of the new building.
What are stocks?A stock, usually referred to as equity, is a type of investment that denotes ownership in a portion of the issuing company. Shares, also known as units of stock, entitle its owners to a share of the company's assets and income in proportion to the number of shares they possess.Most individual investors' portfolios are built on stocks, which are mostly bought and sold on stock exchanges. Government standards designed to shield investors from dishonest tactics must be followed during stock trades.According to our question-
Capitalized cost of land
Purchase price $60,000
Demolition of old building $4,000
Less: Sale of materials $2,000 $2,000
Legal fees for title investigation $2,000
Total cost of land $64,000
Capitalized cost of building :
Construction costs $500,000
Architect's fees $12,000
Interest on construction loan $5,000
Total cost of building $517,000
Beldon should therefore capitalize $64,000 for the cost of the land and $517,000 for the cost of the new building.
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Which type of chart or graph shows data with distinct x and y values?
O a bar graph
O a scatter plot
O a line chart
O a pie chart
Answers
Answer:
A. a bar graph is the answer
Between 2000 and 2020, the U.S. government budget deficit
A.
as a percentage of U.S. GDP has increased steadily each year.
B.
as a percentage of U.S. GDP has decreased steadily each year.
C.
has been more than 100% of U.S. GDP.
D.
none of the above.
Answers
Between 2000 and 2020, the U.S government budget deficit:
A. As a percentage of U.S GDP has increased steadily each year.
What is a Budget Deficit?A budget deficit is typically the difference between all receipts and expenses in both revenue and capital account of the government. It occurs when expenditure exceeds revenue.
Between 2000 and 2020, the U.S government has seen a steady increase in the budget deficit each year.
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which of the following is a from agi deduction? multiple choice contributions to qualified retirement accounts. rental and royalty expenses. business expenses for a self-employed taxpayer. home mortgage interest expense.
Answers
The following is a deduction from agi. Contributions to charities come from AGI deductions.
If you itemize your deductions, you may deduct gifts of money or other property provided to qualifying organizations for charitable purposes. In general, you can deduct up to 50% of your adjusted gross income, but in some circumstances, there are 20% and 30% limitations.
Examples of Tax-Deductible Donations to Charities You donate money or property to churches, synagogues, temples, mosques, and other places of worship. Governments at all levels, provided that your donation is used only for public good (for example, a gift to reduce the public debt).
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does 1 plus 1 = 65 yes or no
Answers
Answer:
No 1 + 1 = 2
Explanation:
Lol
Utilizing your research notes, imagine you are a business manager and you must create a brief step-by-step problem-solving guide to be used by your employees. The guide should outline the steps in the problem solving process and provide a few details as to how an individual could approach each step. The guide should be no more than one page. Be sure to explain the value of collaboration and teamwork within the workplace.
Answers
Answer:
Define the problem
Analyze the affects of problem on the business
Generate list possible solutions to it.
Evaluate each alternative.
Implement a solution that is best fit
Monitor the results
Explanation:
There are six steps in problem solving. As a business manager one should understand all these steps to immediately counter a problem and progress for business success. The business manager should first define the problem and analyse the affects that it may cause to the business operations. He should then consider list of possible solutions which can solve the problem without any harm to business activities. The best possible solution to the problem should be selected and then it should be implemented to solve the problem quickly. The progress of the problem solving should be evaluated.
Which leadership skill do you feel is most important for a small business to succeed for a
long time? Explain your answer using examples. It's depends on the business that they are doing because they all have strengths and weakness.
Answers
Using an advertising agency is a cost-effective way for a small business to advertise its products or services.
a. True
b. False
Answers
A benefit of using association is that it allows the learner to be creative and have fun
Answers
Answer: True
Explanation:
Answer:
True
Explanation:
Galactica makes camera housings used in satellites. Galactica's process begins with a Computer Numerically Controlled (CNC) machine that drills into a block of metal to make the camera housing. The CNC machine requires a 30 minute setup time before the production of a batch of camera housings can commence. Each block requires 10 minutes of drilling on the CNC machine. Next, the batch of camera housings are chemically treated in a series of baths. There is unlimited capacity in the treating stage. Finally, a worker must manually attach the various buttons and components to the metal housing. The assembly takes 120 minutes per housing per worker, no setups, and Galactica has 6 workers trained to do this task. Assume unlimited demand. The process is shown below. Note there are buffers between the stages of the process. Drilling on CNC machine =≈=> Chemical Treatment ==≈=> Assembly What is the utilization of the assembly stage if the batch size is 30 housings? 25% 50% 100%
Answers
The utilization of the assembly stage in Galactica's process, with a batch size of 30 housings, is 100%.
The utilization of a stage in a process refers to the extent to which the available capacity is being utilized. In the case of the assembly stage in Galactica's process, it takes 120 minutes per housing per worker, and there are 6 workers available to perform the assembly task.
Since there are no setups required for the assembly stage and the demand is unlimited, the total available time for assembly is 120 minutes per housing multiplied by 6 workers, which equals 720 minutes.
With a batch size of 30 housings, the total assembly time required would be 120 minutes per housing multiplied by 30 housings, which equals 3,600 minutes.
To calculate the utilization, we divide the total time required for assembly (3,600 minutes) by the total available time for assembly (720 minutes) and multiply by 100.
Utilization = (Total time required / Total available time) * 100
= (3,600 minutes / 720 minutes) * 100
= 500%
Therefore, the utilization of the assembly stage with a batch size of 30 housings is 100%. This indicates that the available capacity in the assembly stage is fully utilized to meet the demand.
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Write a School Newspaper Article that Highlights the Contributions of School-Health-and-Safety Personnel
Assignment
In this assignment, you will create a fictional school-staff member who is employed in one of the four health-and-safety fields described in this lesson. You will use your imagination to invent a name and biography for your fictional employee, and you will use the information in this lesson to invent realistic job responsibilities for your fictional employee. You may use outside sources to supplement the information supplied in this lesson. You will then write a newspaper story that summarizes your character's achievements and responsibilities. While the article is about a fictional person, who works in a fictional school, the information concerning the person's job responsibilities should be realistic and believable.
To complete this assignment, you will:
Create a fictional employee who works in one of the four health-and-safety fields described in this lesson.
Invent a name, biography, and work history for your fictional employee.
Write a 750-word article for a school newspaper that highlights the contributions your fictional employee makes to a school.
List all references used in the assignment.
Answers
School environments that are safe and healthy encourage student engagement and prevent risky behavior. Health-hazardous behaviors are associated with subpar academic performance and worse grades.
Article Outlining School Health and Safety Staff's ContributionsEmployees in school health and safety: Unsung Heroes in Our Schools
Although schools are generally thought of as safe havens for students, it can be difficult to preserve their safety and welfare. Dedicated and hardworking individuals work tirelessly behind the scenes to ensure that schools are secure and healthy spaces for children to learn and grow. The school nurses, counselors, psychologists, and social workers—four distinct professions that make up the health and safety staff—are these hidden heroes.
One such committed worker is Sarah Johnson, the school nurse at East High School. Sarah has worked at East High School for the past five years. She is a nurse with 15 years of experience. With a nursing degree from the University of Michigan, she graduated. Sarah enjoys her job and is passionate about making sure the students are safe and well-cared for.
Sarah's job involves a diverse variety of responsibilities. She is in responsible of evaluating the health requirements of the students, providing first aid and other emergency care, distributing medication, and keeping an eye on individuals who have persistent medical conditions. She collaborates with other healthcare providers and neighborhood organizations to conduct health screenings, inform students and staff about their health, and provide counseling and health education.
Sarah has given the school community immeasurable support. In addition to educating pupils about diet and fitness, she has assisted asthmatic students in managing their condition. She has also collaborated with instructors to provide a secure and healthy learning environment. She has also offered tools and help to families and students who are struggling with challenging medical conditions.
One such school counselor who is essential to the health and safety staff at West Middle School is John Brown. John has worked as a counselor for 20 years, the past 10 of which he has spent at West Middle School. He graduated from Michigan State University, where he also earned a counseling degree. John is passionate about helping kids through the challenges of adolescence while providing them with the support they need to achieve.
John's job include helping children with their academic, social, and personal issues. He collaborates with teachers to create a welcoming learning environment, provides both individual and group therapy for children, and helps them develop coping mechanisms for stress and anxiety. He collaborates with parents, community associations, and other professionals to support children's academic and social development.
John has contributed so much to the school's community. He has aided children in coping with the stress of middle school and helped them develop the self-confidence and resilience they need to succeed in school and in life. He has also worked with teachers to create a helpful and inviting classroom environment. Also, he has provided support and resources to families and kids who are dealing with serious personal issues.
The school health and safety team must also include school psychologists and social workers. They offer assistance and services to families and kids who are struggling with emotional and behavioral problems. To foster a welcoming and supportive learning environment at school, they collaborate closely with teachers, counselors, and administrators. To further the welfare of students and families, they work with neighborhood associations and other experts.
In conclusion, staff employees who work in school health and safety are unsung heroes in our classrooms. They work nonstop to keep the schools where our children go safe and healthy learning environments. John Brown, Sarah Johnson, and other school health and safety staff members all share a dedication to the welfare of children and a love for what they do. They are highly appreciated and play a crucial part in the daily operations of the school.
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