Accounting During 2021, B&C owed the following assets. B&C sold the land, office building, and furniture on 9/5/2021. Calculate the depreciation deduction for 2021. Round deprecation for each asset to the nearest dollar. Asset Van Land Office Building Furniture Convention HY MM MQ Computer MQ Equipment Computer MQ Equipment Date Purchased 4/26/2017 /1/2018 3/1/2018 11/1/2015 Date Sold 11/1/2021 Cost 30,000 9/5/2021 100,000 8/19/2020 9/5/2021 50,000 9/5/2021 650,000 15,000 15,000 Depreciation 2021
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- Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. XRequired information [The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2021 taxable income of $262,000 for purposes of computing the 8179 expense. It acquired the following assets in 2021 (Use MACRS Table 1. Iable 2. Table 3. Toble 4 and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Purchase Date December 1 February 28 July 15 May 22 Basis $ 416,000 112,000 52,000 470,000 $ 1,050,000 Total b. What would Timberline's maximum depreciation deduction be for 2021 assuming no bonus depreciation? (Round your intermediete calculations and final answer to the nearest whole doller amount.) Maximum Depreciation Deduction (ncluding 5170 expense)Complete the Form 4562 using the following information provided. Himple RetailFixed Asset Rollforward12/31/2019(book basis) DEPR COST 2017 2018 2019 ACCUM NET BOOK ASSET IN SERVICE METHOD LIFE BASIS DEPR DEPR DEPR DEPR VALUE CASH REGISTER 2/15/2017 SL 5 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 2017 TOTAL ADDITIONS 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 RETAIL FIXTURES 10/12/2018 SL 7 4,750.00 169.64 678.57 848.21 3,901.79 FURNITURE 10/12/2018 SL 7 3,900.00 139.29 557.14 696.43 3,203.57 2018 TOTAL ADDITIONS 8,650.00 - 308.93 1,235.71 1,544.64 7,105.36 TOTAL 18,550.00 1,815.00 2,288.93 3,215.71 7,319.64 11,230.36 DELIVERY TRUCK 6/1/2019 SL 5 37,500.00 4,375.00 4,375.00 33,125.00 DESK AND CABINETRY 6/1/2019 SL 7 11,900.00 991.67 991.67 10,908.33 COMPUTER 6/1/2019 SL 5 2,800.00 326.67 326.67 2,473.33 2019 TOTAL ADDITIONS 52,200.00 - - 5,693.34 5,693.34 46,506.66 TOTAL…
- Assume that ACW Corporation has 2023 taxable income of $1,880,000 for purposes of computing the $179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Placed in Service Basis Machinery 12-September $ 508,000 Computer equipment 10-February 108,000 Delivery truck 21-August 131,000 Qualified real property (MACRS, 15 year, 02-April 1,418,000 150% DB) Total $ 2,165,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023Entity R measures its non-current assets using the revaluation model. At 30 June 20x2, Entity R purchased a property for R100 000. The property was revalued at 30 June 20x6 to R250 000. The latest valuation report, dated 30 June 20x8, values the building at R95 000. Entity R has adjusted the building shown in non-current assets at 30 June 20x8.Calculate the debit entry in Entity R’s financial statements for the year ended 30 June 20x8If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178
- Assume that ACW Corporation has 2023 taxable income of $1,820,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Placed in Service 12-September 10-February Delivery truck 21-August Qualified real property (MACRS, 15 year, 02-April 150% DB) Total Asset Machinery Computer equipment a. What is the maximum amount of $179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 502,000 102,000 125,000 1,412,000 $ 2,141,000 $ $ 1,160,000 1,304,408 XAqua Corporation purchases nonresidential real property on May 8, 2018, for $2,080,000. Straight-line cost recovery is taken in the amount of $208,000 before the property is sold on November 27, 2021, for $3,120,000. a. Compute the amount of Aqua's recognized gain on the sale of the realty. b. Determine the amount of the recognized gain that is treated as 5 1231 gain and the amount that is treated as 5 1250 recapture (ordinary income due to § 291). § 1231 gain: § 1250 recapture (ordinary income due to § 291):During the 30th of June 2020, Hassen LLC sold a Non – Current Asset for OMR 40,000. The organization has acquired the asset at a cost of OMR 150,000. The accumulated depreciation to date was OMR 100,000. Calculate the gain/ (loss) on disposal?
- SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM. THANK YOU What amount should be recorded as depreciation for 2021? a. 287200 b. 384000 c. 460000 d. 359000The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash $ 25500 Accounts Payable $ 60500 Prepaid Insurance 29700 Salaries and Wages Payable 15100 Accounts Receivable 50600 Mortgage Payable 84500 Inventory 68600 Total Liabilities 160100 Land Held for Investment 83500 Land 120600 Buildings $98100 Less Accumulated Depreciation Owner's Capital 366400 (19600) 78500 Trademark 69500 Total Liabilities and Owner’s Equity Total Assets $526500 $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.An SME provided the following on December 31, 2022: Cash Accounts receivable Prepayments Inventories Investment in associate Property, plant and equipment Accumulated depreciation and impairment Software - net of amortization and impairment Deferred tax asset Bank overdraft Bank loan, fully payable in 2022 and prepayable without penalty Trade payables Interest payable Current tax liability Provision for warranty. Employee benefit obligation, current portion, P4,000 Finance lease liability, current portion, P20,000 Share capital Retained earnings 5. What is the total amount of current assets? A. 675,000 B. 615,000 C. 785,000 D. 725,000 6. What is the total amount of current liabilities? A. 810,000 B. 860,000 C. 786,000 D. 806,000 7. What is the total shareholders' equity? A. 2,460,000 B. 2,400,000 C. 2,430,000 D. 2,700,000 25,000 530,000 60,000 60,000 110,000 3,250,000 700,000 10,000 5,000 80,000 50,000 430,000 2,000 270,000 4,000 10,000 44,000 30,000 2,430,000