not use ai please Harris Corporation is a technology start-up in its second year of operations. The company didn't purchase any assets thisyear but purchased the following assets in 2023:Asset Placed in Service BasisOffice equipment August 14 $ 11,000Manufacturing equipment April 15 78,000Computer system June 1 26,000Total $ 115,000Harris did not know depreciation was tax deductible until it hired an accountant this year and didn't claim anydepreciation deduction in its first year of operation. (Use MACRS Table 1 and Table 2.)Note: Leave no answer blank. Enter zero if applicable.b. What is the basis of the assets at the end of the second year?I came up with Office Equipment $5,280Manufacturing $47,752Computer System $12,480That is marked wrong. Please help.

Office Equipment: 5-year propertyBasis: $11,000Depreciation (Year 1): $11,000 × 20% =…

Answered: Harris Corporation is a technology…

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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Harris Corp. is a technology start-up currently in its second year of operations. The company didn’t purchase any assets this year but purchased the following assets in the prior year: Placed in Asset Service Basis Office equipment August 14 $ 10,200 Manufacturing equipment April 15 70,000 Computer system June 1 18,000 Total $ 98,200 Harris did not know depreciation was tax deductible until it hired an accountant this year and didn’t claim any depreciation deduction in its first year of operation. (Use MACRS Table 1 and Table 2.) Problem 10-55 Part b (Algo) b. What is the basis of the office equipment at the end of the second year? (Leave no answer blank. Enter zero if applicable.) Basis of Office Equipment:$_______?
Go Green Company is an environmental consulting firm in its second year of operations. The company didn't purchase any assets this year, but it did purchase the following assets in the previous year: Asset Placed in service Cost Computers March 10 $25,000 Furniture March 10 $40,000 Equipment April 15 $50,000 Go Green Company did not know that depreciation was tax deductible until it hired an accounting firm this year to help with its financial statements and tax return. Assume that bonus depreciation was not in effect and Go Green does not want to elect Section 179 for any of the assets. (a) What is the maximum amount of depreciation deduction Go Green Company can deduct in its second year of operations? (Round answer to O decimal places, e.g. 125.) Deduction $
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Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Date Placed in Service Original Basis Machinery October 25 $ 104,000 Computer equipment February 3 44,000 Delivery truck* March 17 57,000 Furniture April 22 184,000 Total $ 389,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $640,000. b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount. Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33%…
Langley Corporation replaced an HVAC system in one of its warehouses in July, 2021, at a cost of $430,000. The accountant recording the purchase charged it to repairs and maintenance expense. The error was discovered late in 2022 while reconciling depreciation expense for 2022. The system should last about 7 years with no salvage value. What entry should be made before the 2022 books are closed if the company uses straight-line depreciation? (Round intermediate calculations to the nearest cent and your final answer to the nearest dollar.) Group of answer choices Warehouse 430,000 Depreciation Expense—Warehouse 61,429 Retained Earnings 491,429 Warehouse 430,000 Depreciation Expense (2022)—Warehouse 61,429 Accumulated Depreciation—Warehouse92,144 Retained Earnings—Prior Period Adjustment 399,285 Warehouse 430,000 Accumulated Depreciation -Warehouse 61,429 Retained Earnings—Prior Period Adjustment 368,571 Retained…
Quigley Co. bought a machine on January 1, 2022, for $2,800,000. It had a $240,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2024. Prepare the entries related to the machine for 2024. Ignore taxes. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To correct the error) (To record depreciation expense) Debit Credit
ou are working with an accounting firm. Sussie, who is representing Suss Co, needs advice about depreciating assets. She asks; what are depreciating assets? What are the different ways to calculate the declining value of depreciating assets? Furthermore, Suss Co has aggregated turnover of $ 2 billion. In December 2021, Suss Co purchased a machine for $4m, which was commenced immediately for an income-producing purpose. What tax does the Suss Co claim?
A machine was purchased 4 years ago for $50,000. The depreciation amount each year was $10,000. The firm that owns the machine no longer has a need for it, but a buyer is now willing to pay $60,000 for it because machines of this type are no longer available. If the tax rate is 23%, what tax will be owed on the transaction? Edit

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