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?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 P8,200,000
- A nine year project involves equipment costing $2,320,000 that will be depreciated using the five-year MACRS schedule. If the estimated pre-tax salvage value for the equipment at the end of the project's life is $417,600, what is the after-tax salvage value for the equipment? Assume a marginal tax rate of 21 percent. O $329,904 $399.184 $6,496 O $505.2967) 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).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?Armando Corporation incurred the following expenses: 2022 2023 Salaries 515,000 614,000 Materials 90,000 70,000 Insurance and utilities 14,000 19,000 Promotion expense 11,000 18,000 Advertising -0- 20,000 Cost of market survey 8,000 -0- The new product will be available for sale July 1, 2024. The company would like to capitalize and amortize the expenditures. Calculate the amount of research and experimental expenditures for: a. 2022 b. 2023 Calculate the deduction for R&D expenses for: C. 2022 d. 2023 e. 2024 If the answer is 0, just type a 0. Use commas as appropriate, ie 55,000. Round answers to the nearest dollar.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. $6,457srFlorida Construction Equipment Rentals (FCER) purchases a new 10,000-pound-rated crane for rental to its customers. This crane costs $1,125,000 and is expected to last for 25 years, at which time it will have an expected salvage value of $147,000. FCER earns $195,000 before-tax cash flow each year in rental income from this crane, and its total taxable income each year is between $10M and $15M. If FCER uses straight-line depreciation and a MARR of 15%, what is the present worth of the after-tax cash flow for this equipment? Should the company invest in this crane?