An office building was purchased for $800,000 (original basis). Over the years, accumulated depreciation on the building totals $300,000. The current adjusted basis is $600,000. What is the amount of capital improvements that have been made to the building?
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- Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is worth 100,000 and the building is worth 300,000. What cost should Utica assign to the land and to the building, respectively?On January 2, 2022, Baker Company purchased land that cost $790,000, a building on the land that cost $570,000, and equipment that cost $54,000. The building has an estimated useful life of 24 years. The equipment has an estimated useful life of 9 years. Required: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2022. Note: Use straight-line depreciation with no salvage value. Property, Plant, and Equipment (Choose one) Total Property, Plant, and Equipment Baker Company Balance Sheet (partial) December 31
- Frankfurt corporation purchased land for $90,000. The company also paid $15,000 in accrued property taxes, incurred $7,000 to remove an old building, and received $5,000 from the salvage of the old building. The land will be recorded at?Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation? $75,000 Credit O None of the above. O $35.000 Credit $35.000 Debit $40,000 DebitConsider a five-year MACRS asset purchasedat $80,000. (Note that a five-year MACRS propertyclass is depreciated over six years due to the half-yearconvention. The applicable salvage values would be$40,000 in year 3, $30,000 in year 5, and $10,000 inyear 6.) Compute the gain or loss amounts when theasset is disposed of in(a) Year 3.(b) Year 5.(c) Year 6
- I need answer with proper wayCompute the depreciation expense for the year ended December 31, 2021. Tamarisk elected to depreciate the building on a straight-line basis and detemined that the asset has a useful life of 30 years and a salvage value of 720,000.A used machine, which had an initial cost of $70,000, was purchased by Company A for $50,000. The company expects to depreciate the machine over a five-year period and then sell it for $10,000. According to the straight-line method, what is the depreciation charge in year two?
- A tractor for over-the-road hauling is purchased for $90,000. It is expected to be of use to the company for 6 years, after which it will be salvaged for $4,000. Calculate the depreciation deduction and the unrecovered investment during each year of the tractor's life using MACRS-GDS allowances. a. What is the MACRS-GDS property class? ANSWER b. Assume the tractor is used for the full 6 years ANSWER of use. c. Assume the tractor is sold during the 4th year ANSWER d. Assume the tractor is sold during the 3rd year of use.Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $750,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading $ 346,400 Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 189,400 2,242,000 178,000 2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1. View transaction list Journal entry…Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $750,000, with a useful life of 20 years and a $85,000 salvage value. Land Improvements 1 is valued at $420,000 and is expected to last another 14 years with no salvage value. The land is valued at $1,830,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets wer in use. View transaction list No Date View journal…
