Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

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Answer 1

Question

Chapter 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

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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 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

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Answer 3

Question

Chapter 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

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Answer 4

Question

Chapter 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

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Answer 5

Chapter 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

Answer 6

Chapter 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

Answer 7

Chapter 8, Problem 32AP

a.

To determine

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

Answer 8

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

Answer 9

b.

To determine

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

Answer 10

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

Answer 11

c.

To determine

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

Answer 12

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

Answer 13

d.

To determine

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

Answer 14

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

Answer 15

e.

To determine

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

Use a horizontal statements model to show the effects of these transactions on the elements of the financial statements.

Determine the amount of depreciation expense to be reported on the income statements for the years 2016 through 2020.

Determine the book value that Incorporation M will report on the balance sheets at the end of the years 2016 through 2021.

Determine the amount of the gain or loss that Incorporation M will report on the disposal of the equipment on October 1, 2021.

Prepare the journal entry for the disposal of the equipment on October 1, 2021.

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Chapter 8 Solutions