5 1) Flax LLC purchased only one asset this year. On January 16 Flax placed in service a computer with a basis of $14,000. Calculatethe maximum depreciation deduction (ignoring $179 and bonus depreciation). Blank 1Blank 1 Add your answer

Depreciation is the process of reducing the value of the assets. It is a non-cash expense of the…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3EA: Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is...

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Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
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1. Mainland purchased a machine for $85,000 on 1 January 20x7 and assigned it a useful life for 10 years. On 31 March 20x9 it was revalued to $93,000 with no change in useful life. a) Complete the table below and show your workings. ASSETS Property (Acc. Depreciation) NBV OWNER'S EQUITY Revaluation surplus INCOME STATEMENT Depreciation expense Comprehensive income Gain on revaluation of property Jan 1, x7 Dec 31, x7 Dec 31, x8 For 20x8 For 20x9 Mar 31, x9 Mar 31, x9 Before revaluation After revaluation For the first 3 months of 20x9 Before revaluation After revaluation b) Show all the journal entries related to this equipment during 20x9. Dec 31, x9 For the last 9 months of 20x9
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Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
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S ! Required information [The following information applies to the questions displayed below.] In year O, Longworth Partnership purchased a machine for $50,500 to use in its business. In year 3, Longworth sold the machine for $35,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,600. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $16,100? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) Amount
Roth LLC purchased only one asset during the current year. On August 1st Roth placed in service office equipment (seven-year property) with a basis of $56,500. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation). (Use MACRS Half-Year Convention Table.) (Round final answer to the nearest whole number.)

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