At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery Office building Asset Asset Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Year 1 Cost Recovery Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ 56,000 X 4,573✔ 10,718 Machinery Office building Total 75,131 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost Basis $28,000 $32,000 $75,000 $400,000 3,840 x At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery Office building Asset Asset Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Machinery Office building Total Date Acquired 1/30 2/15 7/25 8/13 and Year 1 Cost Recovery $ 56,000 C S 4,573 S 10.718 S 3,840 S 75,131 response was expected in a caer a formule besed Cost Basis $ 28,000 $32,000 $75,000 $ 400,000

On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $35,000 was impaired. a.  Record the acquisition of patent. If an amount box does not require an entry, leave it blank.   b.  Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31

AZ Inc. purchased Equipment on January 1 for $80,000. This equipment is depreciated using the straight line method with a salvage value of $4,000 and a five year estimated useful life. Show your work where applicable. a. How much depreciation expense would be reported each year for this equipment b. What is the total accumulated depreciation on Equipment at the end of year 2 A/ C. In which Financial Statement would Equipment be presented in? (Balance Sheet, Income Statement, Statement of Retained Earnings, Cash Flow Statement) A/ d. What would be the total value reported for Equipment in this A/ Financial Statement at the end of year 5

Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2027.

please do not provide solution in image format thank you!

Which of the following is NOT correct?  i. Initial allowance is claimable in the year the qualifying expenditure is incurred; however, it can be deferred to another year. ii. Annual allowance is not given in the year of disposal. iii. Annual allowance may be granted if a qualifying asset is temporarily out of use. iv. Capital allowance is granted instead of depreciation for all assets.

Please see below. Need this asap please and thank you. I need help with the correct word to put in the second blank under Amortization expense. Note that Accumulated Amortization does not come up when typed in the box.

On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land and the remaining $900,000 was allocated to the basis of the building.    a) Assume the building was purchased and placed in service on March 3 instead of November 10. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3?   b) Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3?c) What would be the depreciation for 2022, 2023, and 2024 if the property were nonresidential property purchased and placed in service November 10, 2005 (assume the same original basis)?

An asset's book value is $36,000 on January 1, Year 6. The asset is being depreciated $500 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $25,000, the company should record: Multiple Choice O O O Neither a gain or loss is recognized on this type of transaction. A gain on sale of $2,000. A loss on sale of $1,000. A gain on sale of $1,000. A loss on sale of $2,000.

Before you begin this assignment, review the Tying It All Together feature in the chapter iHeartMedia , Inc. in their annual report for the year ending December 31, 2015, state that the plant assets reported on its balance sheet includes the following: Depreciation is computed using the straight-line method. Requirements 1. Suppose iHeartMedia, Inc. purchases a new advertising structure for $100,000 on August 1. The residual value of the structure is $4,000 and the useful life is 10 years. How would iHeartMedia record the depreciation expense on December 31 in the first year of use? What about the second year of use? 2. What would be the book value of the structure at the end of the first year? What would be the book value of the structure at the end of the second year? 3. What would be the impact on iHeartMedia, Inc. financial statements if they failed to record the adjusting entry related to the structure?