A sole proprietor has a business with the following assets: UCC at beg of year asset Land Office building 30-year franchise* Computer equipment * 21 years remain A 33,900 B 24,900 C 29,300 original cost The following transactions occurred during the year: Purchased additional computer equipment for $17,000. Sold some of the computer equipment for $11,500. 80,000 350,000 205,000 90,000 70,000 38,000 7,500 What is the maximum CCA deduction for the current year? (rounde he nearest 100) D 23,300 E None of these

A sole proprietor has a business with the following assets: UCC at beg of year asset Land Office building 30-year franchise* Computer equipment * 21 years remain A 33,900 B 24,900 C 29,300 original cost The following transactions occurred during the year: Purchased additional computer equipment for $17,000. Sold some of the computer equipment for $11,500. 80,000 350,000 205,000 90,000 70,000 38,000 7,500 What is the maximum CCA deduction for the current year? (rounde he nearest 100) D 23,300 E None of these

Name: A sole proprietor has a business with the following assets:UCC atbeg
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A sole proprietor has a business with the following assets:UCC atbeg ofyearassetLandOffice building30-year franchise*Computer equipment* 21 years remainoriginalcost80,000350,000 205,00090,00070,00038,000 7,500The following transactions occurred duri

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
None
Asanco Corporation acquired and placed in service the following assets during the year: Asset Date Acquired Cost Basis Building 12/4 $350,000 Computer Equipment 3/2 $40,000 Furniture 4/15 $38,000 Assume that Asanco does not elect §179 expensing and elects not to use bonus depreciation. Answer the following questions. What is Asanco’s first year cost recovery for each asset? Use the format below. Asset Acquisition Date Quarter Recovery Period Original Basis Rate Depreciation Expense What is Asanco’s year 3 cost recovery for each asset if it sells all of these assets on January 10th of year 3? Use the format below. Asset Original Basis Recovery Period Rate Portion of Year Depreciation Expense
What accounting entry would you do 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed a Building with a fair value of $90 000 and a carrying amount of $75 000. Using the line-by-line method of accounting, Strickland Company would record? DR Building in JO $75 000 CR Building $75 000 DR Building in JO $945000 CR Building $37 500 CR Gain on sale of building $7 500 DR Investment in joint operation $45 000 CR Building $37 500 CR Gain on sale of building $7 500 DR Cash in JO $45 000 DR Building in JO…
A1 Wholesale Jewelry Company acquires land for $240,000 cash. Additional costs are as follows: Removal of shed $2,000 Filling and grading 6,000 Proceeds from sale of salvage 1,280 materials Broker commission 4,520 Paving of parking lot 40,000 Closing costs 3,400 A1 will record the acquisition cost of the land at A) $255,920. B) $240,000. C) $254,640. D) $257,200.
a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440
ss
Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee $300 Insurance of one year $1,500 Broker commission $1,130 Accrued Property taxes $560 Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990
! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Placed in Service November Basis 12 $ 7,800 June 6 14,000 July 15 October 28 January 31 32,000 19,000 70,000 $ 142,800 Total Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) b. Assuming Burbank would like to maximize its cost recovery deductions by claiming bonus and §179 expense, which assets should Burbank immediately expense? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any…
Do not give answer in image