a) Brittany purchased a building for $160,000 on January 1, 2013. The purchase price does not include land. (Use Table 6A-6 and Table 6A-8) Required: Calculate the cost recovery for 2013 and 2021 if the real property is: Residential real property. A warehouse. Note: For all requirements, round your final answers to the nearest whole dollar amoun

Provide Answer with calculation and explanation

The following costs pertain to a new delivery truck that was purchased on March 31, 2020.  All costs were paid in cash.   Calculate how much the truck will be capitalized as an asset for the truck.  How much will be expensed?   You are not required to prepare a journal entry.    Cost of Truck                                                            $30,000 Delivery charges                                                         $1,300 Ongoing gasoline purchases each week                  $    200 Sales Tax                                                                       $2,100

Vishnu

Question 14 of 15. Lorissa placed a rental in service on January 4, 2021. Her basis is $200,000 for the house only. On January 22, 2022, she replaced the furnace for $3,000. The January mid-month percentage is 3.485% for year 1 and 3.636% for year 2. What is the total amount of depreciation Lorissa will claim for 2022? $105 $7,272 $7,377 $7,381

3

The home was acquired for $83,000 in 2005. On May 12, 2021, the Arcs installed new fixtures (7-year recovery period) at a cost of $3,400. They wish to maximize the cost recovery on the new fixtures but make no elections. how do I calculate Special depreciation allowance for qualified property Rental income Insurance Interest expense Property taxes Miscellaneous expenses $16,100 800 5,750 1,200 500

Required information [The following information applies to the questions displayed below.] Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $13,400. They expect to use the Suburban for five years and then sell the vehicle for $5,200. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,150 to GEICO for a one-year insurance policy. The company spends an extra $4,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. • An additional $2,350 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1,100 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and…

Please help me solve both questions

If I have a machine that I purchased for $50,000. I'be recorded depreciation of $28,000. I sell the machine for $25,000. how would I record the sale? How would MY entry change if I sold the machine for $15,000 rather than $25,000?