On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3, Brad sold the equipment purchased in Y2 for $9000. 3) What's Brad's total depreciation deduction in Y3? Intangibles-Goodwill M purchased a business for $500,000 on 1/1/x1. The business has the following assets: Accounts Receivable Land with a FMV of Building with a FMV of Equipment (7-year MACRS) with FMV of Total FMV of identifiable assets Goodwill comprises the remainder paid Total purchase price of business $40,000 $90,000 $100,000 X 2 u61- $150,000 $380,000 $120,000 /160th • 12= $500,000 Compute the MACRS and amortization deduction for Y1.

On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3, Brad sold the equipment purchased in Y2 for $9000. 3) What's Brad's total depreciation deduction in Y3? Intangibles-Goodwill M purchased a business for $500,000 on 1/1/x1. The business has the following assets: Accounts Receivable Land with a FMV of Building with a FMV of Equipment (7-year MACRS) with FMV of Total FMV of identifiable assets Goodwill comprises the remainder paid Total purchase price of business $40,000 $90,000 $100,000 X 2 u61- $150,000 $380,000 $120,000 /160th • 12= $500,000 Compute the MACRS and amortization deduction for Y1.

Name: On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3,
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Description: On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3, Brad soldthe equipment purchased in Y2 for $9000.3) What's Brad's total depreciation deduction in Y3?Intangibles-GoodwillM purchased a business for $500,000 on 1/1/x1. The business

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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