Vishnu !Required information[The following information applies to the questions displayed below.]On February 17 of year 1, Javier purchased a building, including the landit was on, to assemble his new equipment. The total cost of thepurchase was $1,302,500; $295,000 was allocated to the basis of theland and the remaining $1,007,500 was allocated to the basis of thebuilding. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)Note: Do not round intermediate calculations. Round your answers tothe nearest whole dollar amount.d. Assume the building was purchased and placed in service on February 17 of year 1and is residential property.DepreciationExpenseYear 1Year 2Year 3

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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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[The following information applies to the questions displayed below.] On December 2 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,620,000; $385,000 was allocated to the basis of the land and the remaining $1,235,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount. a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3
[The following information applies to the questions displayed below.] On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) c. Assume the building was purchased and placed in service on May 28 instead of October 7. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Deduction Year 1 Year 2 Year 3
[The following information applies to the questions displayed below.] On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) e. What would be the depreciation for 2021, 2022, and 2023 if the property were nonresidential property purchased and placed in service October 7, 2004 (assume the same original basis)? Depreciation Expense Year 2021 2022 2023
S Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.5 million on March 17 of year 1. of the purchase price, $1,500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $84,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? Note: Round your final answers to the nearest whole dollar amount. Year 1 Year 2 Depreciation Deduction
dppiies displayed On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 $ 38,633 Year 3 $ 38,633
Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.5 million on March 17 of year 1. of the purchase price, $1,500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $84,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. b. What is Carl's allowable depreciation deduction for year 3 if the real property is sold on January 2 of year 3? Note: Do not round intermediate computations. Round your final answer to the nearest whole dollar amount. Depreciation for year 3
Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.3 million on March 17 of year 1. of the purchase price, $1,400,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $82,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Enter your answers in dollars and not in millions of dollars.) a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? (Round your final answers to the nearest whole dollar amount.) Depreciation Deduction Year 1
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On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land, and the remaining $900, 000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What would be the year 3 depreciation deduction if the building was sold on August 1 of year 3?
On November 10 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,300,000; 15% was allocated to the basis of the land and the remaining 85% was allocated to the basis of the building. Using MACRS, what is Javier’s depreciation expense on the building for year 2? On March 25 of year 1 Javier purchased an apartment building, including the land it was on. The total cost of the purchase was $1,300,000; 10% was allocated to the basis of the land and the remaining 90% was allocated to the basis of the building. Using MACRS, what is Javier’s depreciation expense on the building for year 3?
On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land and the remaining $900,000 was allocated to the basis of the building. a) Assume the building was purchased and placed in service on March 3 instead of November 10. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? b) Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3?c) What would be the depreciation for 2022, 2023, and 2024 if the property were nonresidential property purchased and placed in service November 10, 2005 (assume the same original basis)?
On November 18 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,500,500; $363,000 was allocated to the basis of the land and the remaining $1,137,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? e. What would be the depreciation for 2022, 2023, and 2024 if the property were nonresidential property purchased and placed in service November 18, 2005 (assume the same original basis)?

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