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 andTable 2.)MachineryDate Placed inServiceOctober 25February 3Computer equipmentAugust 17Used delivery truck*FurnitureApril 22*The delivery truck is not a luxury automobile.AssetDepreciationOriginalBasis$ 84,00020,50033,500167,500a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect $179 expenseand elects out of bonus depreciation?Note: Round your intermediate calculations to the nearest whole dollar amount.

Depreciation in accounting refers to the systematic allocation of the cost of a tangible asset over…

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 Date Placed in Service October 25 February 3 Machinery Computer equipment August 17 Used delivery truckw Furniture. April 22 "The delivery truck is not a luxury automobile. Original Basis $ 84,000 Depreciation 20,500 33,500 167,500 a. What is the allowable depreciation on Evergreen's and elects out of bonus depreciation? Note: Round your intermediate calculations to the nearest whole dollar amount. perty in the current year, assuming Evergreen does not elect $179 expense

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 Date Placed in Service October 25 February 3 Machinery Computer equipment August 17 Used delivery truckw Furniture. April 22 "The delivery truck is not a luxury automobile. Original Basis $ 84,000 Depreciation 20,500 33,500 167,500 a. What is the allowable depreciation on Evergreen's and elects out of bonus depreciation? Note: Round your intermediate calculations to the nearest whole dollar amount. perty in the current year, assuming Evergreen does not elect $179 expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jsjs
DS: 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.) Machinery Date Placed in Service October 25 February 3 Computer equipment Used delivery trucke Furniture August 17 April 22 *The delivery truck is not a luxury automobile. Asset Original Basis $ 84,000 20,500 33,500 167,500 b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation? MACRS depreciation
1
Please do not give solution in image format thanku
am. 111.
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 $ 108,000 38,500 51,500 197,500 *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? Depreciation
Acquisition Cost of Long-Lived Asset The following data relate to a firm’s purchase of a machine used in the manufacture of its product: Invoice price $34,000 Applicable sales tax 2,000 Cash discount taken for prompt payment 400 Freight paid 260 Cost of insurance coverage on machine while in transit 125 Installation costs 2,000 Testing and adjusting costs 475 Repair of damages to machine caused by the firm’s employees 750 Prepaid maintenance contract for first year of machine’s use 400 Determine the acquisition cost of the machine.
From page 7-2 of the VLN, intangible assets are long term assets and would NOT include: Group of answer choices A. Goodwill B. Natural gas C. Patents D. Copyrights
Required Information P8-3 (Algo) 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 Primo Fitness, an established supplier of used, new and refurbished gym equipment in Southern California. The machines immediately were overhauled and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Invoice price paid for asset Shipping costs (paid by Plummer) Renovation costs prior to use Machine A Machine B Machine C $12,600 2,000 $34,000 2,200 $9,350 908 4,300 1,000 3,000 By the end of the first year, each machine had been operating 4,900 hours. P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of Year 1, assuming the following. Note: Do not round Intermediate calculations. If no entry is required for a…
Required information [The following information applies to the questions displayed below.) On January 1, Mitzu Co. pays a lump-sum amount of $2,600,000 for land, Bulding 1. Bullding 2 and Land Improvements 1. Bulding 1 has no value and will be demolished. Building 2 will be an office and is appralsed at $780,.000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 Is valued at $420.000 and is expected to last another 14 years with no salvage value. The land is valued at $1,800,000. The company also incurs the following additional costs. $ 343,488 Cost to denolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $482,000 salvage value Cost of new Land Improvenents 2 having a 20-year useful life and no salvage value 191,400 2,222,000 178,889 Required: 1. Allocate the costs Incurred by Mitzu to the appropriate columns and total each column. Percent of Total Allocation of purchase price Appraised…
None
Fitness Department purchased a building on a tract of land and allocated the entire cost of the purchase to building. Normally the company depreciates buildings over 40 years using the straight-line method with zero residual value and does not depreciate land. What is the impact of the improper accounting treatment of the purchase on the company's net income for the life of the building? a.understated b.unaffected c.overstated d.indeterminable from the information provided