Required informationProblem 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 andTable 2.)AssetMachineryDate Placed inServiceOctober 25February 3August 17Computer equipmentUsed delivery truck*FurnitureApril 22*The delivery truck is not a luxury automobile.DepreciationProblem 10-53 Part b (Algo)b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciationand elects out of $179 expense?* $OriginalBasis$ 90,00050,46925,00038,000175,000

Name: Required informationProblem 10-53 (LO 10-2, LO 10-3) (Algo)[The follo
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Description: Required informationProblem 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 andTa

Answer:- Depreciation meaning:- An asset's monetary value declines with the usage, wear and tear.…

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[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.) Date Placed in Service October 25 February 3 August 17 April 22 *The delivery truck is not a luxury automobile. Asset Machinery Computer equipment Used delivery truck Furniture Depreciation Original Basis Problem 10-53 Part b (Algo) 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? $ 50,469 $ 90,000 25,000 38,000 175,000

[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.) Date Placed in Service October 25 February 3 August 17 April 22 *The delivery truck is not a luxury automobile. Asset Machinery Computer equipment Used delivery truck Furniture Depreciation Original Basis Problem 10-53 Part b (Algo) 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? $ 50,469 $ 90,000 25,000 38,000 175,000

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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Ronny’s Red Hat Company purchased machinery on August 3, Year 1 for $150,000. Ronny, the owner, estimated that the machinery would be sold for $30,000 in 10 years. If Ronny’s red Hat Company uses straight line depreciation, what is included in the entry to record the disposition of the asset on July 31, Year 3 if the machinery is sold for $120,000 cash? Multiple Choice Dr. Loss on disposition $6,000 Cr. Gain on disposition $4,000 Dr. loss on disposition $4,000 Cannot be determined with the data provided Dr. Loss on disposition $2,500
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Compute depreciation under different methods. (LO 2) (a) (2) $14,000 P9-3B On January 1, 2020, Bourgeois Company purchased the following two machines for use in its production process. Machine A: Machine B: Instructions The cash price of this machine was $58,000. Related expenditures included: sales tax $2,750, shipping costs $100, insurance during shipping $75, installation and testing costs $75, and $90 of oil and lubricants to be used with the machinery during its first year of operation. Dill estimates that the useful life of the machine is 4 years with a $5,000 salvage value remaining at the end of that time period. The recorded cost of this machine was $120,000.Dill estimates that the useful life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. (a) Prepare the following for machine A. (1) The journal entry to record its purchase on January 1, 2020. (2) The journal entry to record annual depreciation at December 31, 2020, assuming…
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