! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Used copier Placed in Service Basis November 12 $ 7,800 14,000 32,000 19,000 70,000 $ 142,800 New computer equipment Furniture New delivery truck Luxury auto Total June 6 July 15 October 28 January 31 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) b. Assuming Burbank would like to maximize its cost recovery deductions by claiming bonus and §179 expense, which assets should Burbank immediately expense? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Maximum cost recovery deduction

! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Used copier Placed in Service Basis November 12 $ 7,800 14,000 32,000 19,000 70,000 $ 142,800 New computer equipment Furniture New delivery truck Luxury auto Total June 6 July 15 October 28 January 31 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) b. Assuming Burbank would like to maximize its cost recovery deductions by claiming bonus and §179 expense, which assets should Burbank immediately expense? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Maximum cost recovery deduction

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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Plant and Equipment Your analysis of Moen Corporation's fixed asset accounts at yearend reveals the following information:1. Moen owns two tracts of land. The first, which cost $18,000, is being held as afuture building site. It has a current market value of $20,000. The second, whichcost $19,000, was purchased 10 years ago. The current office and factorybuildings are on this site. The land has a current market value of $56,000.2. Moen owns two buildings. The office building and the factory building wereboth built 10 years ago at a cost of $50,000 and $120,000, respectively. At thattime, each was expected to have a life of 30 years and a residual value of 10% oforiginal cost. They are being depreciated on a straight-line basis.3. Moen owns factory machinery with a total cost of $51,000 and accumulateddepreciation of $35,300. Included in factory machinery is one machine that cost$7,000 and has accumulated depreciation of $4,200. This machine is being heldfor resale and is not being used…
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! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1. Table 2, and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service November 12 June 6 Maximum cost recovery deduction July 15 October 28 January 31 Basis $ 12,200 18,400 36,400 23,400 74,400 $ 164,800 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. Note: Round your answer to the nearest whole dollar amount. Check my work a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?
! Required information [The following information applies to the questions displayed below.] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Cost $82,000 Accumulated Depreciation Book Value 0 $82,000 447,000 226,300 185,000 $(160,920) 286,080 (47,400) 178,900 (74,000) 111,000 • Stevens purchased all the assets at the beginning of 2022. • The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. • The equipment is depreciated over a 9-year service life using the straight-line method with an estimated residual value of $13,000. • The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years).
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. 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 [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2022. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2022: Cost Date Placed in Asset Office furniture Machinery Used delivery truck* Service $ 400,000 1,810,000 90,000 02/03/2022 07/22/2022 08/17/2022 *Not considered a luxury automobile. During 2022, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2023 to increase its production capacity. These are the assets acquired during 2023: Date Placed in Asset Luxury auto* Computers and information system Assembly equipment Storage building *Used 100% for business purposes. Cost Service $ 450,000 92,500 1,450,000 03/31/2023 05/26/2023 08/15/2023 800,000 11/13/2023 Karane generated taxable income in 2023 of $1,795,000 for purposes…
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! Required information [The following information applies to the questions displayed below.] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: Cost Accumulated Depreciation Book Value Land $ 88,000 0 $ 88,000 Building Equipment 453,000 256,000 $ (86,070) 366,930 207,400 Patent 215,000 129,000 (48,600) (86,000) ⚫ Stevens purchased all the assets at the beginning of 2022. ⚫ The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. ⚫ The equipment is depreciated over a 10-year service life using the straight-line method with an estimated residual value of $13,000. • The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years). Required: 1. For the year ended December 31, 2024 (third year), record the adjusting entry for…
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