ADVANCED ACCOUNTING
ADVANCED ACCOUNTING
12th Edition
ISBN: 9780357671221
Author: FISCHER
Publisher: CENGAGE L
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Chapter 13, Problem 13.7P
To determine

Concept introduction

Correction of capital balances if one of the partners is deceived in the current year.

For the given financial year statements sometimes error occurred, which without any difference in balance sheets are corrected by auditors on the clearings of assets and entities among partnerships and also in individual company.

To prepare: Schedule ascertaining the correct amount to be paid to the estate of F.

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Lina purchased a new car for use in her business during 2024. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2024 and 2025 (Lina doesn't want to take bonus depreciation for 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) b. The vehicle cost $85,000, and business use is 100 percent. Year Depreciation deduction 2024 2025
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