Accounting During 2021, B&C owed the following assets. B&C sold the land, office building, and furniture on 9/5/2021. Calculate the depreciation deduction for 2021. Round deprecation for each asset to the nearest dollar. Asset Van Land Office Building Furniture Convention HY MM MQ Computer MQ Equipment Computer MQ Equipment Date Purchased 4/26/2017 /1/2018 3/1/2018 11/1/2015 Date Sold 11/1/2021 Cost 30,000 9/5/2021 100,000 8/19/2020 9/5/2021 50,000 9/5/2021 650,000 15,000 15,000 Depreciation 2021

Accounting During 2021, B&C owed the following assets. B&C sold the land, office building, and furniture on 9/5/2021. Calculate the depreciation deduction for 2021. Round deprecation for each asset to the nearest dollar. Asset Van Land Office Building Furniture Convention HY MM MQ Computer MQ Equipment Computer MQ Equipment Date Purchased 4/26/2017 /1/2018 3/1/2018 11/1/2015 Date Sold 11/1/2021 Cost 30,000 9/5/2021 100,000 8/19/2020 9/5/2021 50,000 9/5/2021 650,000 15,000 15,000 Depreciation 2021

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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Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
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