+ 4. Luke sells the following personal property assets in the current year: Asset Original cost Accumulated Sales proceeds depreciation Equipment A 225,000 170,000 85,000 Equipment B 38,000 21,000 45,000 Forklift 15,000 3,000 10,000 Furniture 25,000 19,000 8,000 Consider each asset as an independent problem. For each of the assets, fill in the amounts in the following table. The total amounts in the last two columns should equal the amount in the third column: (3 points per cell) Asset Adjusted basis Realized gain/(Loss) Ordinary income/(loss) Long-term gain/(loss) Equipment A Equipment B Forklift Furniture I
+ 4. Luke sells the following personal property assets in the current year: Asset Original cost Accumulated Sales proceeds depreciation Equipment A 225,000 170,000 85,000 Equipment B 38,000 21,000 45,000 Forklift 15,000 3,000 10,000 Furniture 25,000 19,000 8,000 Consider each asset as an independent problem. For each of the assets, fill in the amounts in the following table. The total amounts in the last two columns should equal the amount in the third column: (3 points per cell) Asset Adjusted basis Realized gain/(Loss) Ordinary income/(loss) Long-term gain/(loss) Equipment A Equipment B Forklift Furniture I
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 18P
Related questions
Question
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Transcribed Image Text:+
4. Luke sells the following personal property assets in the current year:
Asset
Original cost
Accumulated
Sales proceeds
depreciation
Equipment A
225,000
170,000
85,000
Equipment B
38,000
21,000
45,000
Forklift
15,000
3,000
10,000
Furniture
25,000
19,000
8,000
Consider each asset as an independent problem. For each of the assets, fill in the amounts in the following
table. The total amounts in the last two columns should equal the amount in the third column: (3 points per
cell)
Asset
Adjusted basis
Realized
gain/(Loss)
Ordinary
income/(loss)
Long-term
gain/(loss)
Equipment A
Equipment B
Forklift
Furniture
I
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT