As a partner in the new partnership, Allyna contributed her personal computer that cost P900,000 with a book value of P300,000 after four years of use without salvage value. The partners agreed that the said property should have been depreciated over a 10-year useful life. How much will the property be recorded as investment of Allyna?*

Q: Gain or Loss?

A: Explanation of Gain on asset sale:When selling an asset, the gain or loss is determined by comparing…

Q: Phoebe and Parker are equal members in the Phoenix Investment Group LLC. Phoebe contributed land…

A: In the partnership, all the assets contributed or introduced by the partners are distributed on the…

Q: Compute Dottie's recognized gain and basis in the new property.

A:

Q: Answer the question

A: The original basis in the property is $200,000.  Tara claimed depreciation on the home of $12,800…

Q: Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: sells the land for $320,000. At the beginning of that year, Helen's capital account was $200,000.…

A: Hi since you have asked multiple questions, we are solving the 1st independent question only. To get…

Q: Question: TaraTara owns a house that she has been living in for eight years. She purchased the house…

A: Let's go through the calculations again in a detailed manner to ensure accuracy and clarity.…

Q: Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book…

A: The objective of this question is to determine the amount that will be recorded to Kelsey's capital…

Q: partnership

A: Partnership firms present a myriad of benefits over many other forms of businesses. However, there…

Q: Gloria and Michael started a partnership, each one did an initial investment of 20,000 in cash. What…

A: In this question, we need to pass the journal entry for initial investment made by Gloria and…

Q: Harry Hollywood exchanged his fully depreciated business-use condominium with a fair market value…

A: The correct answer is: (D) $97,000 and $8,000

Q: In year 0, Patrice purchased a machine to use in its business for $112,000. In year 3, Patrice sold…

A: Cost of machine= $112,000 Depreciation = $64,000 Book value of machine at Year 3 = $112,000 –…

Q: mortgage. The partners plan to use the building to manufacture, distribute, and sell green and…

A: As per given details please refer below Trial Balance and Workings :- Agreed guaranteed payments to…

Q: Liz and John formed the equal LJ Partnership on January 1 of the current year. Liz contributed…

A: Given that: Contribution of Liz: Cash = $80,000 Land with FMV of $90,000 Contribution of John: FMV…

Q: to the building. At the time of the purchase it was estimated that the building would have a useful…

A: A journal entry is the act of maintaining or producing records of any economic or non-economic…

Q: To acquire a 1/3 interest in the T LLC (a partnership), on January 1 of this year D contributed some…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: Morgan and Kristen formed an equal partnership on August 1 of the   current year. Morgan…

A: The inside basis is the partnership's tax basis in the individual assets. The outside basis is the…

Q: Jack and Jill exchange like-kind real estate assets as listed below:   Jack's old asset: FMV…

A: Given that Jill's old asset: FMV $70,000; and his Basis $55,000 Hence Jill had an deffered gain of…

Q: Ron Burgundy and Jack Lime form a partnership called Anchormen United. Ron invests $30,000 worth of…

A: At the time of admission, the asset brought by the partner as a part of his capital is always…

Q: On January 1, 2020, Mary  and Jack form a partnership. Mary contributes $50,000 cash in exchange for…

A: Explanation: Typically, in return for a partnership interest, no profit or loss is recognised by…

Q: Lexi and Allie formed a partnership. Lexi received a 30% interest in partnership capital and profits…

A: Taxable gain refers to the gain or the amount of profit which is an outcome from the sale of the…

Q: Peter invests cash of $260,000 and inventory with a cost of $258,000 and a current value of $436,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Motor Vehicle Insurance

Motor vehicle insurance is a contract between the insurance company that provides insurance cover and the person who owns the vehicle. According to the terms and conditions of the insurance contract, the insurance company reimburses the policyholder for losses and damages. This insurance policy covers the financial risks of the motor vehicle owner. Electronic vehicles are also covered in a vehicle insurance policy, but the insurance rate is relatively higher than other motor vehicle insurance. Motor vehicle insurance is otherwise called an automotive insurance policy.