GA PROPERTY & CASUALTY (28)

Current Attempt in Progress Blossom Department Store determines it will cost $107,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Blossom estimates the fair value of the obligation at December 31, 2025, is $93,000. Prepare the journal entry to record the asset retirement obligation. (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 tities and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Jay

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A permanent steel building used for the overhaul of dewatering systems (engines, pumps, and wellpoints) is placed in service on July 10 by a calendar-year taxpayer for $480,000. It is sold almost 5 years later on May 15. Click here to access the MACRS-GDS Property Classes Part a Part b — Your answer is partially correct. Determine the depreciation deduction during each of the years involved. ΕΟΥ Depreciation Deduction 4

After first recording any impairment losses on plant and equipment and the patent. Required: 1. Compute the book value of the plant and equipment and patent at the end of 2024. 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impairment? 4. Determine the amount of any impairment loss to be recorded, if any, for the three assets. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the book value of the plant and equipment and patent at the end of 2024. Note: Enter your answers in millions rounded to 1 decimal place. For example, $5,500,000 should be entered as $5.5. Plant and equipment Book Value million Patent million

Calculate depreciation and fill out the form 4562 for 2022 year based on the following information: Depreciable assets: Recovery Prior Description Placed in Service Cost Method Convention Period Depreciation $32,963 MACRS/ 01/01/2020 $85,000 HY 7 200DB 01/15/2021 $13,930 HY 7 $1,991 04/15/20XX $1,900 7 Tools Equipment Sprayer MACRS/ 200DB MACRS/ 200DB HY Prior AMT Depreciation $32,963 $1,492 The S corporation has elected not to take the Section 179 deduction for the full amount of the cost of the sprayer or bonus depreciation.

Denger

A tornado destroys your office building on 6/1/2019. Here are the facts $100,000 Historical cost of office building $40,000 depreciation taken on office building $250,000 fair market value before tornado $0 fair market value after the tornado The building was insured for 80% of the fair Market value of the building Insurance proceeds were received on 7/15/2020 What is the realized gain and when do the proceeds have to be reinvested to avoid gain recognition under IRC §1033?     A. $100,000 realized gainInsurance proceeds must be reinvested in like kind property by 12/31/2021B. $190,000 realized gainInsurance proceeds must be reinvested in like kind property by 12/31/2021C. $100,000 realized gainInsurance proceeds must be reinvested in like kind property by 12/31/2022D. None of the above

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An earthquake does $5,000 in damage to a property covered under a dwelling policy. In addition to the initial earthquake damage, the tremors cause a gas main explosion, causing an additional $2,500 in damage to the insured property. How much will the insurer pay? AO Nothing BO $2,500 CO $5,000 DO $7,500

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On 1 May 2020, Ron Trading purchased a new machine. The following paymentsrelate to the machine.List price $21,500Purchase discount $2,000Transportation cost $300Repair of damage parts incurred in transporting the machine $1,000Fees paid to test the machine before use $500Fees paid to the installer to install the machine $800Machine operator’s salary for the first month of operation $3,000Maintenance costs for the first month of operation $300(i) Identify and compute the cost of the machine to be recognised. Explainyour reasoning.(ii) Journalise the transactions. Assume the above payments are paid in cash.

Need help with question B & C Thanks

At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 Purchased land for $2,774.200. May June 1 July 1 Dec. 31 $26,590,000 11.965,500 1 50,440,000 During 2026, the following selected cash transactions occurred. 6,305,000 $ 3,783,000 14,624,500 44,135.000 $62,542,500 Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received.

answer in text form please (without image), Note: .Every entry should have narration please

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7. On January 1, 2020 Gingerbread, Corp. purchased a reindeer merry-go-round as an attraction to draw customers during the holiday season. The following information is available: Invoice price $280,000 Shipping cost $4,000 Set-up cost $2,000 Insurance to cover years 2020 and 2021 $12,000 Necessary repair during set-up 500   Determine the amount to be record as the capitalized cost of the asset.  a.286,000 b.280,000 c.286,500 d.298,500

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018.  In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices $100,000 $36,667 $116,667 $70,000

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Subject - account  Please help me.  Thankyou.