Westside Manufacturing purchased $425,000 of production equipment on March 18, 2024. On September 5, 2024, they acquired $210,000 of computer systems for their office. If Westside elects Section 179, what is the maximum write-off for these purchases for 2024?
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- In January, 2022, Harmony Inc. has the following expenditures related to manufacturing a new generation of its product. Match each expenditure to the appropriate accounting treatment on the right. Takes possession of a manufacturing machine. The vendor sends an invoice for $650,000. Pays a machine import duty of $35,000 to the government. Pays employees $75,000 for research and development to finalize the new product design. Receives an invoice for $4,250 from the company that shipped the machine. Pays employees $16,500 to install, customize, and test the new manufacturing machine. Pays…On June 1, 2025, Oriole Company sells $185,000 of shelving units to a local retailer, Blue Spruce, which is planning to expand its stores in the area. Under the agreement, Blue Spruce asks Oriole to retain the shelving units at its factory until the new stores are ready for installation. Title passes to Blue Spruce at the time the agreement is signed. The shelving units are delivered to the stores on September 1, 2025, and Blue Spruce pays in full. Prepare the journal entries for this bill-and-hold arrangement (assuming that conditions for recognizing the sale as a bill-and-hold sale have been met) for Oriole on June 1 and September 1, 2025. The cost of the shelving units to Oriole is $89,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the…On June 1, 2025, Pharoah Company sells $197,000 of shelving units to a local retailer, Coronado, which is planning to expand its stores in the area. Under the agreement, Coronado asks Pharoah to retain the shelving units at its factory until the new stores are ready for installation. Title passes to Coronado at the time the agreement is signed. The shelving units are delivered to the stores on September 1, 2025, and Coronado pays in full. Prepare the journal entries for this bill-and-hold arrangement (assuming that conditions for recognizing the sale as a bill-and-hold sale have been met) for Pharoah on June 1 and September 1, 2025. The cost of the shelving units to Pharoah is $121,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the…
- ABC. Inc. works on a P5,250,000 contract in 2022 to construct an office building. During 2022, ABC Inc uses the cost to cost method. At December 31, 2022, the balances in certain accounts were: Construction in progress- P1.890,000; accounts receivable - P180,000; and bilings on construction in process- P900,000 contract retention P90,000; mobilization fee - P70,000. At December 31.2022, the estimated cost to completion are P2,352,000. HHow much is the realized gross profit in 2022?Marburg Manufacturing Company purchased a machine on January 2, 2021. The invoice price of the machine was P4,000,000, and the vendor offered a 3 percent discount for payment within ten days. The following additional costs were incurred in connection with the machine: Transportation-in 120,000 Installation cost 70,000 Testing costs prior to regular operation 55,000 If the invoice is paid beyond the discount period, Marburg should record the acquisition cost of the machine at what amount?What is the answer and how do you get the answer? Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $15 million, which will be collected over the next three years. Scheduled collections for 2022–2024 are as follows: 2022 $ 5 million 2023 7 million 2024 3 million $ 15 million Pretax accounting income for 2021 was $20 million. The enacted tax rate is 30%. Required:1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021.2. Suppose a new tax law, revising the tax rate from 30% to 25%, beginning in 2023, is enacted in 2022, when pretax accounting income was $17…
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- Alexandria Company started a research and development project on a new product on January 1, 2021. Total cost incurred before reaching technological feasibility amounted to P4,000,000 while development cost after reaching technological feasibility amounted to P5,000,000 before year-end. Prior to commercial production, the entity paid legal and registration fees amounting to P1,000,000 in filing for a patent on the new product on July 1, 2021. Early in January 2022, an additional amount of P2,000,000 was incurred to develop the project to full manufacturing stage. The patent was approved in early January 2022 and valid for 20 years. However, the entity expected technological advancements will render the new product virtually obsolete by December 31, 2026. The entity decided to account separately any capitalized development cost. 1. What amount should be capitalized as cost of patent? a. 1,000,000 b. 6,000,000 c. 7,000,000 d. 5,000,000 2. What amount should be capitalized as development…Dumb Company constructed its own factory building. The company had a P1,000,000 two-year 12% loan specifically obtained to finance the asset construction. The construction began on January 1, 2021 and the building was completed on December 30, 2022. Expenditures on the building were made as follows: January 1, 2021 P800,000April 30, 2021 300,000November 1, 2021 600,000March 1, 2022 600,000September 30, 2022 400,000Dumb has the following outstanding loans from general borrowings: 10% note issued prior to construction of new building; term, 10 years 1,500,000 12% note issued prior to construction of new building; term, 15 years 2,500,000 13) How much is total initial cost of the building? 14) How much is the finance cost that should be recognized in profit or loss for the year 2022?I need help on how to calculate this problem step by step, please. Information concerning Sure Corporation's intangible assets is as follows: On January 1, 2019, Sure signed an agreement to operate as a franchisee of Rapid Copy Service Inc. for an initial franchise fee of $81,000. Of this amount, $21,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $15,000 each beginning January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 2, 2019, of the 4 annual payments discounted at 12% (the implicit rate for a loan of this type) is $45,600. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Sure's revenue from the franchise for 2019 was $800,000. Sure estimates the useful life of the franchise to be 5 years. Sure incurred $69,000 of experimental and development costs in its…
