On January 1, 2019, Sali Inc. purchased land with a cost of $400,000. The Company uses a revaluation model for assets subsequent to acquisition The following information is available for fair value at each year-end (31/12/2019, and 31/12/2020): 12/31/2019 12/31/2020 Fair value $450,000 $500,000 1- The 2020 income statement will report v a. Recovery of Impairment Loss of $50,000 b. Revaluation surplus of $50,000. C. Recovery of Impairment Loss of $50,000. d. Recovery of Impairment Loss of $50,000, revaluation surplus of $100,000 2- The 31/12/2019 statement of financial position will report land at v a $500,000 b $450,000 C $400,000 1135 AM

On January 1, 2019, Sali Inc. purchased land with a cost of $400,000. The Company uses a revaluation model for assets subsequent to acquisition The following information is available for fair value at each year-end (31/12/2019, and 31/12/2020): 12/31/2019 12/31/2020 Fair value $450,000 $500,000 1- The 2020 income statement will report v a. Recovery of Impairment Loss of $50,000 b. Revaluation surplus of $50,000. C. Recovery of Impairment Loss of $50,000. d. Recovery of Impairment Loss of $50,000, revaluation surplus of $100,000 2- The 31/12/2019 statement of financial position will report land at v a $500,000 b $450,000 C $400,000 1135 AM

Name: 16 7 8910 11 12 13 14 15 16 17On January 1, 2019, Sali Inc. purchased
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Description: 16 7 8910 11 12 13 14 15 16 17On January 1, 2019, Sali Inc. purchased land with a cost of $400,000. The Company uses a revaluation model for assets subsequent to acquisition. The following information is available for fair value at eachyear-end (31/

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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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 422,000 118,000 58,000 452,000 $ 1,050,000 b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including §179 expense)
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