depreciation schedule of the machinery under IFRS. Given Information: Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years. Cost allocate to casing is $100,000 with 10 years of useful life.

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Answer 1

Question

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset Placed in Service Basis New equipment and tools August 20 $ 3,800,000 Used light-duty trucks October 17 2,000,000 Used machinery November 6 1,525,000 Total $ 7,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago. a. What is Acorn's maximum cost recovery deduction in the current year?

Answer 2

Question

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Expert Solution & Answer

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Answer 3

Question

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Expert Solution & Answer

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Answer 4

Question

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Expert Solution & Answer

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See solution

Answer 5

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Answer 6

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

Answer 7

Chapter 11, Problem 11.16E

a.

To determine

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

Answer 8

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Answer 9

b.

To determine

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 11 - Stephen J. Cosgrove is the Former Vice President....Ch. 11 - Prob. 11.2Q Ch. 11 - Prob. 11.3Q Ch. 11 - Prob. 11.4Q Ch. 11 - Will the expense/capitalization choice impact...Ch. 11 - Prob. 11.6Q Ch. 11 - Prob. 11.7Q Ch. 11 - For a long-lived operating asset acquired by...Ch. 11 - Prob. 11.9Q Ch. 11 - Prob. 11.10Q

depreciation schedule of the machinery under IFRS. Given Information: Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years. Cost allocate to casing is $100,000 with 10 years of useful life.

Solution Summary: The author explains the depreciation of machinery under IFRS. The cost allocated to the engine is 800,000 with salvage value of 60,000 and useful life of 6 years.

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.

Want to see the full answer?

Chapter 11 Solutions

depreciation schedule of the machinery under IFRS. Given Information: Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years. Cost allocate to casing is $100,000 with 10 years of useful life.

Solution Summary: The author explains the depreciation of machinery under IFRS. The cost allocated to the engine is 800,000 with salvage value of 60,000 and useful life of 6 years.

To prepare: depreciation schedule of the machinery under IFRS. Given Information: Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years. Cost allocate to casing is $100,000 with 10 years of useful life.

Gain or loss on sale of machinery. Given Information: Selling price of machinery is $450,000. Machinery is sold at the end of year 3.

Want to see the full answer?

Chapter 11 Solutions

To prepare: depreciation schedule of the machinery under IFRS.

Given Information:

Cost allocated to engine is $800,000 with salvage value of $60,000 and useful life of 6 years.

Cost allocate to casing is $100,000 with 10 years of useful life.

Gain or loss on sale of machinery.

Given Information:

Selling price of machinery is $450,000.

Machinery is sold at the end of year 3.