Tori just purchased some equipment that belongs in a35% CCA class. The equipment cost $167,400. Whatwill be the book value of the equipment at the end ofyear three? Question$58,349 $61,203 $72,670 $94,730 $119, 189

Given:Equipment cost (original UCC): $167,400CCA class: 35% (declining balance method)Year…

Answered: Tori just purchased some equipment that…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 33CE

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Question 14 of 15. Lorissa placed a rental in service on January 4, 2021. Her basis is $200,000 for the house only. On January 22, 2022, she replaced the furnace for $3,000. The January mid-month percentage is 3.485% for year 1 and 3.636% for year 2. What is the total amount of depreciation Lorissa will claim for 2022? $105 $7,272 $7,377 $7,381
if you could help show how the answer was gotten please
please help with the following question thank you
ANSWER AND SHOW WORK IN EXCEL ATTACHED IS QUESTION
Lorissa placed a rental in service on January 4, 2021. Her basis is $200,000 for the house only. On January 22, 2022, she replaced the furnace for $3,000. The January mid-month percentage is 3.485% for year 1 and 3.636% for year 2. What is the total amount of depreciation Lorissa will claim for 2022? $105 $7,272 $7,377 $7,381
9. Amazing Inc. purchased Class 8 furniture for $4,000 in 2022. In 2023, this furniture was sold for $1,000. Class 8 UCC was $10,300 at the beginning of 2022 and no Class 8 property was purchased during the year. What is the UCC of this class at the end of 2023? A. $1,860 B. $7,440 C. $9,300 D. $8,240 10. Mary carries on business as a sole proprietor that generated $100,000 in net accounting income. Included in this amount are: • $7,000 of amortization expense; •$4,000 for bad debt expense; • $112,000 cost of goods sold; and • $12,000 meals and entertainment with clients. Mary's maximum CCA has been calculated at $10,000 for the year. What is Mary's business income for income tax purposes? A. $113,000 B. $109,000 A) C. $107,000 $103,000 11. Tomas began carrying on a home-based business as a sole proprietor on January 1, 2023. In 2023, he received $40,000 cash for services rendered and paid $33,000 in business expenses. On December 31, 2023 there was an outstanding accounts receivable…
Alexandra purchased a $55,200 automobile during 2021. The business use was 60 percent. What is the allowable depreciation for the current year? (Ignore any possible bonus depreciation.)
7
On January 1, 2022, Swifty Company purchased equipment for $41000. The company is depreciating the equipment at the rate of $820 per month. The book value of the equipment at December 31, 2022 is O $41000. O $0. O $31160. O $9840.
5
A contractor purchased a Caterpillar D-13 dozer for$100,000 and owned it for five years. The annual cost for maintenance andrepair is provided in the Table. With annual interest rate at 7% and end-of-year disbursements, the uniform annual cost for maintenance and repair forthe dozer is most nearly: Do work by hand please.
I Only Want the Correct Option of these MCQs can u please help me to find the answer.

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Tori just purchased some equipment that belongs in a 35% CCA class. The equipment cost $167,400. What will be the book value of the equipment at the end of year three? Question $58,349 $61,203 $ 72,670 $94,730 $119, 189