Solve this problems and fill blank space Lehman Corporation purchased a machine on January 2,2013, for $3,000,000. The machine has an estimated 5-yearlife with no salvage value. The straight-line method ofdepreciation is being used for financial statementpurposes and the following MACRS amounts will bededucted for tax purposes:2013 $ 6,00,0002016 $3,45,0002014 9,60,0002017 3,45,0002015 5,76,0002018 1,74,000Assuming an income tax rate of 30% for all years, the netdeferred tax liability that should be reflected on Lehman'sbalance sheet at December 31, 2014, be

Step 1: Calculate Book Depreciation The machine's cost is $3,000,000 with an estimated life of 5…

Answered: Lehman Corporation purchased a machine…

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Chapter11: Long-term Assets

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Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Lehman Corporation purchased a machine on January 2, 2017, for $4,000,000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2017 $800,000 2020 $460,000 2018 $1,280,000 2021 $460,000 2019 $768,000 2022 $232,000 Assuming an income tax rate of 30% for all years, the net deferred tax liability that should be reflected on Lehman's balance sheet at December 31, 2018 be a. $144,000 b. $134,400 c. $9,600 d. $0
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Oriole Corporation purchased a machine on January 2, 2020, for $4300000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2020 $860000 2023 $494500 2021 1376000 2024 494500 2022 825600 2025 249400 Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Oriole's balance sheet at December 31, 2021 be $103200 $73100 $0 $6880
Wildhorse Corporation purchased a machine on January 2, 2020, for $4900000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2020 2021 2022 $980000 1568000 940800 O $83300 O $7840 2023 O SO O $117600 2024 2025 Assuming an income tax rate of 20% for all years, the net deferred tax liability that should be reflected on Wildhorse's balance sheet at December 31, 2021 be $563500 563500 284200
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?
Popeye Company purchased a machine for $350,000 on January 1, 2020. 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 2020. Popeye discovered the error in 2021. What amount should Popeye record as depreciation expense for 2021? The tax rate is 25%. O O O O $105,000. $52,500. $70,000. $140,000.
Popeye Company purchased a machine for $340,000 on January 1, 2020. 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 2020. Popeye discovered the error in 2021. What amount should Popeye record as depreciation expense for 2021? The tax rate is 25%. Multiple Choice $102,000. $136,000. $51,000. $68,000.
Sage Corporation purchased an asset at a cost of $54,000 on March 1, 2017. The asset has a useful life of 8 years and a salvage value of $3,640. For tax purposes, the MACRS class life is 5 years. MACRS Depreciation Rates by Class of Property RecoveryYear 3-year (200% DB) 5-year(200% DB) 7-year(200% DB) 10-year(200% DB) 15-year(150% DB) 20-year(150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.29 18.00 9.50 7.219 3 14.81* 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52* 12.49 11.52 7.70 6.177 5 11.52 8.93* 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55* 5.90* 4.888 8…
AP Company purchased a Machine at cost of $150,000 on Jan 1, 2015. This machine falls under MACRS 5-Year property. AP pays tax at 38%. This machine was sold on Dec 31, 2018 at $32,000. What is the after-tax salvage value? Relevant Depreciation Table Dep Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 11.52% 6. 5.76% a) $29,689.60 b) $25,920.00 c) $19,840.00 d) $23,123.20
Zorzi Corporation purchased a Machine on January 1, 2017 for S80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. Compute the 2017 depreciation expense using the straight-line method assuming the machine was purchased on September 1, 2017 O s9.000 O s7000 O55,000 O S3.000
Please reject this question E10-6 Kelm Company purchased a new machineon October 1,2008, at a cost of $120.000. the Company estimatedthat the machine will have a salvage value of $12,000. The machine k pected to be used for 10,000 working hours duringíts 5-year life. Instructions Compute the depreciation expense under the following methods for the year indicated. (a) Straight-Ime for 2008. (b) Upils-of-activity for 2008, assuming machine usage was 1,700 hours (c) Đeclining-balance using double the straight-line rate for 2008 and 2009.
4

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