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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- 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 P8,200,0007) 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?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?
- sr10 In 2019, Flor company incurred the following costs: Laboratory research aimed at discovery of new knowledge 240,000 Cost of testing prototype but economic viability not achieved 60,000 Quality control during commercial production 360,000 Construction of research facility having an estimated useful life Of 5 years but no alternative future use 480,000 What is the total amount of research and development expense for the current year?Florida 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?
- In 2021, Edwards Corporation incurred research and development costs as follows: Materials and equipment P105,000 Personnel 120,000 Indirect costs 150,000 P375,000 These costs relate to a product that will be marketed in 2022. It is estimated that these costs will be recouped by December 31, 2023, but its process has not achieved economic viability. The equipment has no alternative future use. What is the amount of research and development costs that should be expensed in 2021? a. PO. b. P225,000. c. P270,000. d. P375,000.Lifeline Biofuels built an oil rig at a cost of $4.5 million. The company estimates the oil rig will have a useful life of 20 years (with no salvage value), after which Federal regulations require that the oil rig must be dismantled and the land area restored. The fair value of the costs of this asset retirement project is $850,000. The present value of these asset retirement costs is $265,000 based on the 6% after-tax discount rate. Under U.S. GAAP, what is the initial capitalized carrying value of the oil rig at the completion of construction? Group of answer choices $270,000 $4,235,000 $4,765,000 $4,500,000On January 1, 2020, Button Inc. purchased the following two machines for use in its production process. Machine A: Electric Forklift Cash Price: $50,000 Other Expenditures included: Sales Tax $2,000 Shipping Costs Insurance During Shipping $250 $100 Installation and Testing Costs: $100 Oil and Lubricants to be used with the machinery during the first year of operations Button estimates that the useful life of the machine is 5 years with a $4,000 residual value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. $500 Machine B: Gas-Powered Wheelbarrow Recorded Cost: $115,000 Button estimates that the useful life of the machine is 5 years with a $10,000 residual value remaining at the end of that time period. Required: 1. For the electric forklift: а. What is the cost that Button should record for the purchase on January 1, 2020? b. What is the depreciation expense to be recorded in 2020? c. At the end of Year 3 (2022), Button…