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• LewisCo reports gross income of $111,550 and other property-related expenses of $66,800 and uses a depletion rate of 14%. On August 1, 2022, Randall purchased and began operating the Falcon Café. Of the purchase price, $80,000 is allocated to goodwill. Determine LewisCo's taxable income after depletion and Randall's section 197 amortization deduction for 2022, respectively. . O $22,375; $15,617 O $44,750; $15,617 O $22,375; $2,222 O $29,133; $2,222 O $44,750; $2,667 O $29,133; $2,667

• LewisCo reports gross income of $111,550 and other property-related expenses of $66,800 and uses a depletion rate of 14%. On August 1, 2022, Randall purchased and began operating the Falcon Café. Of the purchase price, $80,000 is allocated to goodwill. Determine LewisCo's taxable income after depletion and Randall's section 197 amortization deduction for 2022, respectively. . O $22,375; $15,617 O $44,750; $15,617 O $22,375; $2,222 O $29,133; $2,222 O $44,750; $2,667 O $29,133; $2,667

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LewisCo reports gross income of $111,550 and other property-related expenses of $66,800 and uses a depletion rate of 14%. • On August 1, 2022, Randall purchased and began operating the Falcon Café. Of the purchase price, $80,000 is allocated to goodwill. Determine LewisCo's taxable income after depletion and Randall's section 197 amortization deduction for 2022, respectively. $22,375; $15,617 $44,750; $15,617 $22,375; $2,222 $29,133; $2,222 $44,750; $2,667 $29,133; $2,667
Transcribed Image Text:LewisCo reports gross income of $111,550 and other property-related expenses of $66,800 and uses a depletion rate of 14%. • On August 1, 2022, Randall purchased and began operating the Falcon Café. Of the purchase price, $80,000 is allocated to goodwill. Determine LewisCo's taxable income after depletion and Randall's section 197 amortization deduction for 2022, respectively. $22,375; $15,617 $44,750; $15,617 $22,375; $2,222 $29,133; $2,222 $44,750; $2,667 $29,133; $2,667
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