!Required informationEX 16-32 (Algo) Gain or Loss on Disposal (Section 2) (LO 16-4)[The following information applies to the questions displayed below.]In December of 20x4, Atlas Chemical Corporation sold a forklift for $9,100. The machine was purchased in 20x1 for$45,000. Since then $34,200 in depreciation has been recorded on the forklift.EX 16-32 (Algo) Part 3 Determine the after-tax cash flow at the time the forklift was sold.3. Determine the after-tax cash flow at the time the forklift was sold. The firm's tax rate is 31 percent.After-tax cash flow

The objective of the question is to calculate the after-tax cash flow at the time the forklift was…

Answered: ! Required information EX 16-32 (Algo)…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 7BCRQ

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5 Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) * Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Depreciation Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation?
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! Required information Problem 7-5B (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Quick Copy purchased a new copy machine. The new machine cost $112,000 including installation. The company estimates the equipment will have a residual value of $28,000. Quick Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1 Hours Used 3,000 2 1,700 3 1,800 4 2,200 Problem 7-5B (Algo) Part 2 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) QUICK COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Year Expense 1 2 3 4 Total Accumulated Book Value Depreciation
! Required information Problem 02-53 (LO 02-2, LO 02-3) (Static) [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis Problem 02-53 Part b (Static) $ 70,000 10,000 23,000 150,000 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?
Required Information. Problem 10-53 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2) Asset Machinery Computer equipment Used delivery truck" Furniture Oate Placed in Service October 25 February 3 Depreciation August 17 April 22 "The delivery truck is not a luxury automobile Original Basis $ 84,000 20,500 33,500 167,500 Problem 10-53 Part a (Algo) a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect 5179 expense and elects out of bonus depreciation? Note: Round your Intermediate calculations to the nearest whole dollar amount.
! Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $243,000 including installation. The company estimates that the equipment will have a residual value of $28,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: 1 2 3 Year 4 Year 1 Problem 7-5A (Algo) Part 1 2 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) 5 6 Total 4 5 Hours Used 2,700 2,000 2,100 1,900 1,700 2,100 UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Expense Accumulated Depreciation Book Value
! Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $243,000 including installation. The company estimates that the equipment will have a residual value of $28,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: 3 Year 1 2 4 5 Year 1 2 6 Total 3 4 5 6 Problem 7-5A (Algo) Part 2 Hours Used 2,700 2,000 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) 2,100 1,900 1,700 2,100 Depreciation Expense UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value
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Required information P8-3 Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LO8- 2, 8-3 [The following information applies to the questions displayed below.) At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Machine A Machine D Machine C Amount paid tor asset Installation costa Renovation costs prior to use $ 27,200 S 34,000 1,500 2,900 1,400 1,400 $ 22,300 1,000 1,900 By the end of the first year, each machine had been operating 6,200 hours. P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Residual Value $1,500 Depreciation Method Hachine…

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