Company purchae a buiding for S100.000. payn another $5.000 in dosing costs w the purchase upon placing the buding ito une Company pays S00have the bulding deaned Firaly Company pays 000 ora phycaladdtion tothe bulding gnoingany depreciation whtwod Tding accoutbe in the year the end of the yer eofhe end of the nce sheet $125.000 0.000 S130.500
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- An investor purchased a 162-dey, $10,000 00 T-bil on ts ise date for S0021.43. Ater holding it for 100 days she sold the T kor a yeld of 150% a) What wiss the original yieid of the T-b? (b) For what price was the T-bil sold? (e) What rate of roturn (per anun) did te invoslor realize while holding this T-b? (a) The original yeld of the T-bil wnso 70% (Round the final anser to Nwo decimal places an needed Round all intermediate values to six decimal places a nooded) (b) The Tbil sold forS (Round the fnal ans to he nearst cent as needed. Round all intermediate values to six deomal places as needed) (e) The vestor realed a rale ol cetun of (Round the lin areer to two decimal places as needed Round all intermediate values to six decimal places as nended)Print Rem A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is O $172,000 ON $160,000 Oc 1154,000 Od $120,000anson company had the folowing machinery aquisitions during the year 1. acquired the machine with an invoice price of 3,000,000 subjectnto a cash discount of 10% which was taken . the entity incured cost of 50,000 in removing the old machine prior to the installation of the new one .Machine supplies were acquired at a cost of the 150,000 . 2. During the early part of current year the entity purchase the machine for 500,000 down on four monthly installment 1,250,000 .the cash price of the machine was 4700,000 . 3. at the beginning of the current year, the entity purchased a machine for 2,000,000 in exchange for a noninterest bearing ntes requiring four payments of 500,000 . the first payment was made at the end of current year . the implicit rate of interest for this note at date of issuance was 10% . The present value of an ordinary annuity of 1 at 10% is 3.17 for four periods. the present value of annuity of 1 in advance at 10% is 3.49 for four periods. 4. at the beginning of…
- On 12/21/2021, DELMY Incorporated purchased equipment, land, and building for $600,000 as a lump sum purchase. Based on the information below present the journal entry to record the sale (on the seller's books) and the purchase by DELMY. NOTE: this requires two separate Journal Entries. Show calculations for best partial credit. Book Value Fair value Equipment 50,000.00 25,000.00 Land 20,000.00 60,000.00 Building 120,000.00 180,000.00 190,000.00 265,000.00 A. Prepare the Journal Entry to record the purchase of the assets by DELMY B. Prepare the Journal Entry to record the sale of the assets by the sellerEntity A acquires equipment on January 1, 20x1. Information on costs is as follows: Purchase price, gross of P10,000 trade discount 800,000 Non-refundable purchase taxes 20,000 Delivery and handling costs 40,000 Installation costs 30,000 Present value of decommissioning and restoration costs 10,000 1.) How much is the initial cost of the equipment? A. P 890,000 B. P 820,000 C. P 900,000 D. P 870,000A building with an appraisal value of $132,577 is made available at an offer price of $159,843. The purchaser acquires the property for $35,884 in cash, a 90-day note payable for $24,556, and a mortgage amounting to $56,520, The cost of the building to be reported on the balance sheet is Oa. $123,959 Ob. S132577 Oc. S116960 Od, S159.843
- Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. XMajestic LLC purchased a factory for lump-sum of RO800,000 paid via bank. The fair value of each of the component of the purchase is given below: Land 85000 Building 155000 Equipment 460000 Calculate the amount at which each of the above components shall be recognized on purchase date and write the journal entry for recording purchase transaction.On Jan.1, 2020, Dept of Science & Technology purchased an old building to be held as investment property for a total cost of 2,2,00.The building's useful lfe s yars and has a 5% residual value. DOST uses the staight line method to depreciate the buiding. On Dec. 31,200, i od the building for P1.6M. Compute for the following: a) Carying Value on Dec 31, 200 b) Accumulated Depreciation on Dec 31, 2005 C) How much is the gain (los) on the sale?
- Assume that Abdul Baari LLC acquiring a new truck for OMR 45000. In exchange, the company pays OMR 32000 cash and old truck. The old truck originally cost OMR 40000 and has accumulated depreciation of OMR 25,000, which implies a OMR 15,000 book value at the time of exchange. From the following given options identify the correct journal entry for profit or loss on exchange of old truck with new truck. a. Dr New Truck A/C OMR 45000 Dr Loss on exchange of old Truck OMR 2000 and cash A/c 32000 Cr old Truck A/c OMR 15000 b. None of the given options c. Dr New Truck A/C OMR 47000 and Cr Cash A/c 32000 Cr Old truck A/c 15000 d. Dr New Truck A/c OMR 45000 Dr Loss on exchange of truck OMR 2000 Dr Accumulated depreciation on old Truck OMR 25000 and Cr cash A/c 32000 Cr Old Truck A/C OMR 40000 Clear my choiceRock Crab, Inc., purchases the following assets during the year: $ 3,000 1,000 4,000 25,000 Computer Computer desk Office furniture Delivery van What should be reported as the cost basis for MACRS 5-year property? O $3,000 O $25,000 O $28,000 O $33,000Which 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