In 2023 Bauer Corporation incurs the following costs in development of new products: Laboratory supplies $ 55,000 Laboratory equipment purchased (5-year recovery property) 50,000 Salaries (lab personnel) 90,000 Utilities 20,000 Total $215,000 For 2023, the allowable deduction is A) $21,500. B) $175,000. C) $17,500. D) $215,000.
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- In 2023 Bauer Corporation incurs the following costs in development of new products: Laboratory supplies $ 55,000 Laboratory equipment purchased (5-year recovery property) 50,000 Salaries (lab personnel) 90,000 Utilities 20,000 Total $215,000 For 2023, the allowable deduction is A) $21,500. B) $175,000. C) $17,500. D) $215,000.Sandstorm Corporation decides to develop a new line of paints. The project begins in 2023. Sandstorm incurs the following expenses in 2023 in connection with the project: Salaries $170,000 Materials 51,000 Depreciation on equipment 25,500 The benefits from the project were realized starting in July 2024. If an amount is zero, enter "0". What are Sand-storm’s related deductions in 2023 and 2024 in connection with the project?Natalie Company purchased a machine for P6,600,000 on January 1, 2021 and received a government grant of P600,000 towards the capital cost. The policy is to treat the grant as reduction in the cost of asset. The machine is to be depreciated on a straight light basis over 10 years with a residual value of P500,000. On January 1, 2023, the grant became fully repayable because of noncompliance with conditions. What is the depreciation for 2021? What is the depreciation for 2023?
- On January 1,2019, Flora Inc. purchased natural resources for P36,000,000. The company expects the resources to produce 1,200,000 units of products. How much is the depletion expense for 2020 if the company mined and sold 260,000 units? O P8,400,000 OP8,000,000 O P7,800,000 O P8,200,000Natalie Company purchased a machine for P6,600,000 on January 1, 2022 and received a government grant of P600,000 towards the capital cost. The policy is to treat the grant as a reduction in the cost of the asset. The machine is to be depreciated on a straight line basis over ten years with a residual value of P500,000. On January 1, 2024, the grant became fully repayable because of noncompliance with conditions. 1. What is the depreciation for 2022? A. 610,000 B. 600,000 C. 660,000 D. 550,000 2. What is the depreciation for 2024? A. 610,000 B. 600,000 C. 780,000 D. 730,0007) Crass Spray Inc. (CSI) purchased equipment costing $60,000 on September 1, 2023. CSI made a $20,000 down payment and took out a loan for the remaining amount. Other cash expenditures related to this purchase included: Insurance during shipping: $500 Annual insurance policy: $2,400 Installation and testing costs: $600 Staff training costs on how to run the new equipment: $700 Required Determine the cost of the new equipment and record all required journal entries related to this equipment (you can ignore depreciation expense for the year).
- Crane Corp. incurred the following costs during 2023 in connection with its research and development phase activities: Cost of equipment acquired for use in research and development projects over the next 5 years (straight-line depreciation used) Materials consumed in research projects Materials consumed in the development of a product committed for manufacturing in the first quarter of 2024 Consulting fees paid in the last quarter of 2023 to outsiders for research and development projects, including $4,800 for advice relate Personnel costs for research and development projects Indirect costs reasonably allocated to research and development projects General borrowing costs on the company's line of credit Training costs for a new customer service software program (a) Calculate the amount to be reported as research and development expense by Crane on its income statement for 2023. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for…Mex Inc. incurred the following costs during 2022: Cost of exploration of new formulas $200,000 Laboratory research aimed at discovery of new technology 225,000 Diagnostics for breakdowns during commercial production 150,000 Periodic design changes to existing products 185,000 Significant modification to the formulation of a chemical product 160,000 How much should Mex report as R&D expense for 2022?Dumb Company constructed its own factory building. The company had a P1,000,000 two-year 12% loan specifically obtained to finance the asset construction. The construction began on January 1, 2021 and the building was completed on December 30, 2022. Expenditures on the building were made as follows: January 1, 2021 P800,000April 30, 2021 300,000November 1, 2021 600,000March 1, 2022 600,000September 30, 2022 400,000Dumb has the following outstanding loans from general borrowings: 10% note issued prior to construction of new building; term, 10 years 1,500,000 12% note issued prior to construction of new building; term, 15 years 2,500,000 13) How much is total initial cost of the building? 14) How much is the finance cost that should be recognized in profit or loss for the year 2022?
- ces Southern Atlantic Distributors began operations in January 2024 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2024, 30% in 2025, and 20% in 2026. Pretax accounting income for 2024 was $500,000, which includes interest revenue of $52,000 from municipal governmental bonds. The enacted tax rate is 25%. Assuming no differences between accounting income and taxable income other than those described above: Required: 1. Complete the following table and prepare the journal entry to record income taxes in 2024. 2. What is Southern Atlantic's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation General Journal Required 2 Complete the following table to record income taxes in 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your…In 2020, Murphy Manufacturing Inc. acquired and placed in service a piece of machinery to manufacture interactive toys for dogs. The following costs were associated with the machinery: Purchase price from vendor$2,130,000 Tax on purchase price $150,000 Shipping/Delivery$20,000 Insurance for Shipping$5,000 Installation/Calibration$15,000 On-going support contract$10,000/year Routine annual cleaning$2,000/year Montgomery Manufacturing placed a piece of equipment (7 year property) in service on April 1, 2020. It’s cost was $2,550,000. It was the only asset placed in service in 2020. How much 179 expense deduction can they take and What is the remaining depreciable basis after the 179 elections?company has purchased a machine (CCA rate 22%) at $223,000 and has a tax rate of 33.00%. By how much will the NPV change if the company is able to obtain a $14,000 salvage value for its machine at the end of the project's life in Year 5? Assume a discount rate of 11.10% and that all else remains the same. a. $8,271 * b. -$1,814 C. $10,929 d. $10,085 e. $6,457