01. Martin owns land that is classified as PPE. The land has previously been valued at cost. The land will be revalued using the revaluation model to its fair value on December 31 (the company's year-end). Before revaluation, the land's carrying value was $100,000. The fair value is $125,000 as of December 31, 2021. What journal entry is required to record the revaluation? What entry would've been made if the fair value on December 31, 2022, is $90,000? 02. 1,000,000 of XYZ's no-par common shares were initially offered at a price of $13, Later, XYZ bought back 6,000 shares of these shares at $ 17 a share. XYZ is incorporated under the Canada business corporation Act and therefore retired these shares. Requirement Record the retirement of the shares. 03. ABC. declare a dividend of $100,000 and pays it all at once. Provide the journal entry needed to document the $100,000 dividend if: The dividend is paid in cash The dividend is paid in company stock (stock dividend)

On October 12, 2023, Simarov, Inc. purchases a Copyright to a song, written by a person who died on October 12, 1963 for $50,000 cash. Simarov believes they will be able to generate revenue from the Copyright for the remaining useful life. Prepare the journal entry to record the purchase. DR: CR: What is the remaining useful life of the Copyright? How much amortization expense will Simarov record each year? years Prepare the adjusting journal entry to record one year's amortization. DR: CR: What is the Net Book Value of the Copyright on October 1, 2027?

Mawn Company bought and and built a warehouse during 2019. It improperly debited the following related costs to an account titled Land and Buildings: Prepare the correcting entries on December 31, 2019, to properly reclassify the preceding items.

On January 1, 2016, Crouser Company sold land to Chad Company, accepting a 2-year, $150,000, non-interest-bearing note due January 1, 2018. The fair value of the land was $126,252.00 on the date of sale. Crouser purchased the land for $105,000 on January 1, 2010. Required:   Prepare all the journal entries on Crouser’s books for January 1, 2016, through January 1, 2018, in regard to the Chad note.

At the beginning of 2019, PT XYZ purchased an asset for Rp600.000 with an estimated useful life of 5 years and an estimated residual value of Rp50.000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used. ABC’s tax rate is 40% for 2019 and all future years. At the end of 2019, which of the following deferred tax accounts and balances is reported on ABC’s statement of financial position?

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment 1. During 2020, the following transactions occurred. 2. $231,100 903,300 660,700 876,000 Land site number 621 was acquired for $854,300. In addition, to acquire the land Whispering paid a $57,200 commission to a real estate agent. Costs of $40,200 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,800. Excavation fees A second tract of land (site number 622) with a building was acquired for $420,600. The closing statement indicated that the land value was $301,500 and the building value was $119,100. Shortly after acquisition, the building was demolished at a cost of $41,200. A new building was constructed for $331,100 plus the following costs. Architectural design fees Building permit fee Imputed interest on…

During 2021, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business: Manufacturing equipment (7 year) Office furniture Office computer Item Passenger automobile (used 85 percent for business) Warehouse Date Acquired June 2 September 15 November 18 May 31 July 23 Building Land Cost $ 50,000 8,000 2,000 55,000 170,000 135,000 Pepe uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense and elects out of bonus depreciation. Use Form 4562 to report Pepe's depreciation expense for 2021.

Aqua Corporation purchases nonresidential real property on May 8, 2019, for $1,650,000. Straight-line cost recovery is taken in the amount of $165,000 before the property is sold on November 27, 2022, for $2,475,000. Question Content Area a. Compute the amount of Aqua's recognized gain on the sale of the realty $_______________ Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income due to § 291). b. § 1231 gain: $_____________ § 1250 recapture (ordinary income due to § 291): $_______________________

Which of the following is a requirment regarding replacement property for a deferred like kind exchange A  Replacement proepty must be identified within 3 years before the transfer of the TP propery. B.  The tax return for the year of the trnsfer mqy no be filed before the replacemnt property is acquired C  the value of identified replacemnt properties may not exceed 500% the aggre

Zaki LLC purchased computer equipment (five-year property) on April 20, 2018, for $36,000 and used the half-year convention to depreciate it. Zaki did not take Section 179 or bonus depreciation in the year it acquired the furniture. In 2021, which is the fourth year Zaki LLC owned the property, the property was disposed of on November 10. What is Zaki's depreciation expense for 2021? MACRS tables.pdf O $518. O $2,074. O $2,248. O $4,147.