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On August 1 of year 0, Dirksen purchased a machine for $25,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 11-42 Part-a (Algo) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?

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Required information. Problem 11-42 (LO 11-3, LO 11-4) (Static) [The following information applies to the questions displayed below.] On August 1 of year O, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answers blank. Enter zero if applicable. Problem 11-42 Part-a (Static) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount

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! Required information [The following information applies to the questions displayed below.] Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS Amortization of organization costs. Guaranteed payments to partners for general management Cash distributions to partners $ 65,500 $ 4,800 Ordinary income (loss) $ (22,100) $ (7,900) $ (1,240) $ (15,600) $ (3,600) a. Given these items, what is Turtle Creek's ordinary business income (loss) for the year?

Wolmore Resources Ltd. is authorized to issue unlimited numbers of common shares, of which 40,500,000 have been issued at an average price of $22 per share. On 1 January 20X3, when shares were trading for $30 per share, the company granted stock options to each of its 42 senior executives. The stock options provide that each individual will be eligible to purchase, no earlier than 31 December 20X7, 3,000 common shares at a base option price of $30 per share. The options are nontransferable, vest on 31 December 20X7, and expire on 31 December 20X8. Option pricing models indicate that the options have a total value of $480,000. Estimates of retention are: End of Year Employees expected to remain until vesting Employees expected to forfeit Employees actually forfeiting in the year Employees actually receiving options (42 - 7) 20X3 32 (76%) 10 (24%) 0 20X4 30 (71%) 12 (29%) 5 20X5 35 (83%) 7 (17%) 2 20X6 34 (81%) 8 (19%) 0 20X7 n/a n/a 0 35 Twenty-five individuals who received the options…

Do not copy from bartleby. Otherwisw i will give you dislike When DeSoto Water Works purchased equipment at the end of 2020 at a cost of $64,000, the company debited Buildings and credited Cash $64,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal

Flounder Manufacturing has old equipment that cost $48,500. The equipment has accumulated depreciation of $28,100. Flounder has decided to sell the equipment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) What entry would Flounder make to record the sale of the equipment for $31,000 cash? (b) What entry would Flounder make to record the sale of the equipment for $15,000 cash? Account Titles and Explanation I (a) 1 (b) Debit Credit 11

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On January 1, 2022, Riverbed Company purchased the following two machines for use in its production process. Machine A: Machine B: (a) 1. Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2. The cash price of this machine was $48,500. Related expenditures also paid in cash included: sales tax $1,700, shipping costs $200, insurance during shipping $50, installation and testing costs $120, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Riverbed estimates that the useful life of the machine is 5 years with a $4,750 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. 1. The recorded cost of this machine…

Sarasota Co. has equipment that cost $79,200 and that has been depreciated $50,100. Record the disposal under the following assumptions. (a) (b) (c) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) It was discarded with no cash received. It was sold for $23,200. It was sold for $31,100. No. Account Titles and Explanation (a) (b) Debit Credit

Marigold Co. has equipment that cost $76,500 and that has been depreciated $49,600. Record the disposal under the following assumptions. (a) (b) (c) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) It was discarded with no cash received. It was sold for $22,100. It was sold for $28,200. No. Account Titles and Explanation (a) (b) U Debit Credit

Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500. Record the disposal under the following assumptions. (a) (b) (c) It was discarded with no cash received. It was sold for $23,800. It was sold for $32,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (a) Debit Credit

A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…

Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Blossom Company retires its delivery equipment, which cost $40,000. Accumulated depreciation is also $40,000 on this delivery equipment. No salvage value is received. Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,000 instead of 40,000. (a) (b) No. Account Titles and Explanation Debit Credit (a) (b)

Required information Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] On August 1 of year 0, Dirksen purchased a machine for $29,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,750. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. Problem 11-42 Part-b (Algo) b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) Amount

Green Mandarin Restaurant’s books for 2020 have been closed. As its accountant you just realized that you inadvertently overstated the company’s depreciation expense by $5,000. What would you do to correct the error going forward? Explain and state the journal entry you would make to correct the error.

Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year- end is December 31. • Cost of equipment = 36000 • Useful life in years = 4 • Residual value 0 • Date purchased April 1, 2021 • Date of disposal September 30, 2023 • Cash received on disposal 15000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal? If a loss, start your answer with a - sign.

At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $774. During the year, $346 of previously written off accounts were reinstated and accounts totaling $845 are written off as uncollectible. The end of the year balance in the Allowance for Doubtful Accounts should be the one listed below. Select the correct answer. $275 $346 $774 $845

Becker Office Service purchased a new computer system on January 1, 2018, for $30,800. It is expected to have a five-year useful life and a $3,600 salvage value. Becker Office Service expects to use the computer system more extensively in the early years of its life. Required a. Calculate the depreciation expense for each of the five years, assuming the use of straight-line depreciation. Salvage Value Useful Annual Year Cost Life Depreciation 1 2 3 4 b. Calculate the depreciation expense for each of the five years, assuming the use of double-declining-balance depreciation. (Enter all amounts as positive values. Do not round intermediate calculations. Round "SL rate" answers to 2 decimal places. Round your answers to the nearest dollar amount.) Accumulated Depreciation Annual Beginning of Period (2 x SL Rate) Year Cost Depreciation 1 2 3 4