How much is consolidated Equipment and Accumulated Depreciation on December 31, 2009? b.. How much is consolidated Equipment and Accumulated Depreciation on December 31, 2010? c. What is the worksheet debit and credit entry to record excess depreciation in 2009?

Q: Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse…

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A:

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Q: In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business. In year 3,…

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Q: CCC Manufacturing Inc. sold equipment that it uses in its business for $110,000. CCC bought the…

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A: Please find the answer to the above question below:

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A: The question is based on the concept of Financial Accounting.

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A: Step 1 Hello. Since your question has multiple parts, we will solve first question for you. If you…

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Q: Brandon, an individual, b for several years. In the c

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A: Solution:

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A: Solution: Journal entry: Date                                        General Journal  Debit $…

Q: In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the…

A: The correct answer for the above questions is given in the following steps for your reference.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.