A company provided the information below on January 1, 2022. Land Building Accumulated depreciation - building Machinery Accumulated Depreciation Land Building Machinery a. 15,000.000 b. 11,500,000 Depreciation is computed using the Straight Line method. The company acquired the building, land and machinery on January 1, 2012. However, on January 1 of 2022, the company wants to revalue the PPE. On such a date, additional information is presented. c. 30,000,000 d. 8,500,000 3. What is the depreciation for 2022? 2. What is the pretax revaluation surplus on January 1,2022? a. 531,250 2,000,000. b. 875,000 15,000,000 c. 525,000 3,750,000 3,000,000 1,500,000 Replacement Cost 5,000,000 25,000,000 5,000,000 ||

A company provided the information below on January 1, 2022. Land Building Accumulated depreciation - building Machinery Accumulated Depreciation Land Building Machinery a. 15,000.000 b. 11,500,000 Depreciation is computed using the Straight Line method. The company acquired the building, land and machinery on January 1, 2012. However, on January 1 of 2022, the company wants to revalue the PPE. On such a date, additional information is presented. c. 30,000,000 d. 8,500,000 3. What is the depreciation for 2022? 2. What is the pretax revaluation surplus on January 1,2022? a. 531,250 2,000,000. b. 875,000 15,000,000 c. 525,000 3,750,000 3,000,000 1,500,000 Replacement Cost 5,000,000 25,000,000 5,000,000 ||

Name: A company provided the information below on January 1, 2022.LandBuild
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Description: A company provided the information below on January 1, 2022.LandBuildingAccumulated depreciation - buildingMachineryAccumulated DepreciationLandBuildingMachinerya. 15,000.000b. 11,500,000Depreciation is computed using the Straight Line method. The c

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment August 17 Used delivery truck* Furniture April 22 *The delivery truck is not a luxury automobile. Asset Depreciation Original Basis $ 84,000 20,500 33,500 167,500 a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations to the nearest whole dollar amount.
n The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation-Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole Company's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment eTextbook and Media $
Required information [The following information applies to the questions displayed below.] Hero Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Cost $86,000 451,000 227,900 205,000 Accumulated Depreciation Book Value $86,000 288,640 179,700 123,000 • Hero purchased all the assets at the beginning of 2022. • The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual Land Building Equipment Patent 0 value. • The equipment is depreciated over a 9-year service life using the straight-line method with an estimated residual value of $11,000. HERO SANDWICH SHOP December 31, 2024 $(162,360) (48,200) (82,000) • The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years). 3. Calculate the book value for each of the…
int Item Exercise 8-21 (Algorithmic) (LO. 2) Lopez acquired and placed in service a building on June 1, 2018, for $8,470,300. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as residential rental real estate. 307,980 b. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as nonresidential real estate. 217,178
! Required information [The following information applies to the questions displayed below.] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Cost $82,000 Accumulated Depreciation Book Value 0 $82,000 447,000 226,300 185,000 $(160,920) 286,080 (47,400) 178,900 (74,000) 111,000 • Stevens purchased all the assets at the beginning of 2022. • The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. • The equipment is depreciated over a 9-year service life using the straight-line method with an estimated residual value of $13,000. • The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years).
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Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Placed in Service Basis Machinery Asset Computer equipment Delivery Truck-used Furniture Total June 12 February 10 August 21 April 2 $ 1,440,000 70,000 93,000 310,000 $ 1,913,000 b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023? Answer is complete but not entirely correct. Maximum total depreciation deduction (including §179 expense) $ 1,254,242 x
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Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Type of Asset Building Warehouse Date Acquired (a) Jan. 1. 2017 Jan, 1, 2020 Cost $857,000 129,500 Accumulated Depreciation, Jan. 1, 2025 $159,100 Revised annual depreciation $ 24,960 Useful Life (in years) Old Proposed 40 58 20 Building 25 All assets are depreciated by the straight-line method. Ivanhoe Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Salvage Value Old $61,500 4,700 Compute the revised annual depreciation on each asset in 2025. (Round answers to 0 decimal places. e.g. 125.) Warehouse Proposed $35,600 5,300
A machine (a Section 1231 asset that is also a Section 1245 asset) was acquired on February 5, Year 1 for $180,000. It is five-year MACRS property and cost recovery (accumulated depreciation) totals $110,880 when it is sold. The property was sold for $120,000 on July 31, Year 3. You will need to type your calculation and answer in the box. For example, type in "20,000 - 5,000 = 15,000" to calculate the adjusted basis of an asset that cost 20,000 and had accumulated depreciation of 5,000 when sold. Some items do not need a calculation so for those items just type in the answer. What will follow will be 5 questions related to this asset sale. Provide an answer for every question even if the amount is 0. 1. What is the amount realized?