1. In your new position as head accountant at Grab and Go, Inc. you noted that last month on July 2, 2018 the company bought "computers" for $500,000; your job is to lower their corporate taxes if possible. You decide to use MACRS for depreciation. The years in question are: 2017, 2018, 2020, 2022, 2024.

Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?

Cullumber Corp's controller was preparing the adjusting entries for the company's year ended December 31, 2023, when the vice- president of finance called him into her office. *Jean-Pierre," she said, "I've been considering a couple of matters that may require different treatment this year. First, the patent we acquired in early January 2021 for $591,000 will now likely be used until the end of 2025 and then be sold for $179,000. We previously thought that we'd use it for 10 years in total and then be able to sell it for $118,000. We've been using straight-line amortization on the patent." "Second, I just discovered that the property we bought on July 2, 2020, for $267,200 was charged entirely to the Land account instead of being allocated between Land ($62,200) and Building ($205,000). The building should be of use to us for a total of 20 years. At that point, it'll be sold and we should be able to realize at least $47,000 from the sale of the building." "Please let me know how these…

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uppose a computer software developer for a certain company purchased a computer system for $75,000 on April 27, 2017. The computer system is used for business 100% of the time. The accountant for the company elected to take a $30,000 Section 179 deduction, and the asset qualified for a special depreciation allowance.   (a) What was the basis for depreciation (in $) of the computer system? (See Table 17-4.) $    (b) What was the amount (in $) of the first year's depreciation using MACRS?  $    (Table 17-4) Certain QualifiedAsset Placed into Service                                          Special AllowanceSeptember 11, 2001–May 5, 2003                                         30%May 6, 2003–January 1, 2005                                                50%December 31, 2007–September 27, 2017                           50%September 28, 2017–December 31, 2022                          100%

BLOSSOM's balance sheet at December 31, 2020, is as follows. (See Image 1) (See Image 2) Other information about BLOSSOM is as follows. Salary expense, all paid with cash during 2021   $700 Sales, all for cash   2,990 Purchases, all for cash   2,020 Inventory at 12/31/21   1,790 Property originally cost $2,100 and is depreciated on a straight-line basis over 25 years with no residual value.Interest on the note payable is 10% annually and is paid in cash on 12/31 of each year.Dividends declared and paid are $190 in 2021. Prepare an income statement for 2021. (Round answers to 1 decimal place)

During June 2022, your company recorded depreciation of $8,000 on equipment in your factory. What effect did this have on your company’s accounting system? The balance in the depreciation expense account will increase, and the balance in the Accumulated Depreciation account will decrease. The balance in the factory overhead account will decrease, and the balance in the Accumulated Depreciation account will increase. The balance in the depreciation expense account will increase, and the balance in the Accumulated Depreciation account will increase. The balance in the depreciation expense account will increase, and the balance in the Factory Overhead account will decrease. The balance in the factory overhead account will increase, and the balance in the Accumulated Depreciation account will decrease. The balance in the depreciation expense account will increase, and the balance in the Factory Overhead account will increase. The balance in the factory overhead account will decrease, and…