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:$_______?
Harris Corporation is a technology start-up in its second year of operations. The company didn’t purchase any assets this year but purchased the following assets in the prior year: Asset Placed in Service Basis Office equipment August 14 $ 10,400 Manufacturing equipment April 15 72,000 Computer system June 1 20,000 Total $ 102,400 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 a (Algo) a. What is the maximum amount of depreciation deduction Harris Corporation can deduct in its second year of operation? (Leave no answer blank. Enter zero if applicable.)
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 $
Give me Accurate answer only otherwise I will report
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Wildhorse Company purchased land and a building on January 1, 2022. Management’s best estimate of the value of the land was $130,000 and of the building $260,000. However, management told the accounting department to record the land at $286,000 and the building at $104,000. The building is being depreciated on a straight-line basis over 15 years with no salvage value. Calculate the annual charge in net income = $ Why do you suppose management requested this accounting treatment? Is it ethical?
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Popeye Company purchased a machine for $370,000 on January 1, 2023. Popeye depreciates machines of this type by the straight-line method over a five-year period using no salvage value. Due to an error, no depreciation was taken on this machine in 2023. Popeye discovered the error in 2024. The tax rate is 25%. What amount should Popeye record as depreciation expense for 2024?
Can you please answer the financial accounting question?
In 2025, Teal Corporation discovered that equipment purchased on January 1, 2023, for $40,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Teal's 2025 journal entry to correct the error. Teal uses straight-line depreciation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
In 2025, Ivanhoe Company discovered an error while preparing its financial statements. A building constructed at the beginning of 2024 costing $1350000 has not been depreciated. The estimated useful life of the building is 30 years with no salvage value. Straight- line depreciation is used. Ivanhoe also used straight-line depreciation for tax purposes and properly included depreciation on its tax return. Income tax payable was also reported correctly at a tax rate of 20%. Income before tax and depreciation expenses in 2025 was $450000 What would be the 2025 net income if depreciation had been recorded properly? $324000 O $414000 Ⓒ$405000 $450000 eTextbook and Media
Oriole Company purchased land and a building on January 1, 2022. Management's best estimate of the value of the land was $110,000 and of the building $220,000. However, management told the accounting department to record the land at $242,000 and the building at $88,000. The building is being depreciated on a straight-line basis over 15 years with no salvage value. Calculate the annual change in net income $ Why do you suppose management requested this accounting treatment? Is it ethical? It is likely that management requested this accounting treatment to boost the net income not ethical and this practice is

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