DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computer equipment 3/14. S 16,500 Furniture 2/15 S 18,500 Commercial building 12/16 S 339,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 5/21 of year 3? computer equipment: furniture: commercial building: Total:

DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computer equipment 3/14. S 16,500 Furniture 2/15 S 18,500 Commercial building 12/16 S 339,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 5/21 of year 3? computer equipment: furniture: commercial building: Total:

Name: DLW Corporation acquired and placed in service the following assets d
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Description: DLW Corporation acquired and placed in service the following assets during the year:DateCostAssetAcquired BasisComputer equipment 3/14S16,500Furniture2/15S18,500Commercial building12/16S339,000Assuming DLW does not elect §179 expensing and elects no

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chan Group uses revaluation accounting for a class of equipment it uses in its Tennis club business. Chan purchased the equipment on January 1, 2019, for $600,000; it has a 10-year useful life with no residual value. Chan Group has the following information related to the equipment. (Assume that Chan uses Straight-line method for depreciation and the estimated useful life and residual value does not change during the periods presented below.) Date Fair Value January 1, 2019 $600,000 December 31, 2019 567,000 December 31, 2020 440,000 December 31, 2021 460,000 5. Prepare the entry to record the Depreciation of equipment & AOCI adjustment, if any, on 12-31-2020 6. Prepare the entry to record the Revaluation of equipment on 12-31-2020 7. Determine the amounts to be reported by Chan Group at December 31, 2020. ( Insert a bracket for the expenses, losses or negative balance) WORKINGS 12/31/2020 BALANCE +/(-) Equipment (Impairment Loss) / Recovery of Impairment Loss Other Comprehensive…
DLW Corporation acquired and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/11 $ 18,000 Furniture 3/7 $ 23,500 Commercial building 9/15 $ 317,000 Assuming DLW 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 2/24 of year 3?
Required information Problem 02-47 (LO 02-2) (Algo) [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 3/5 Cost Basis $ 18,500 $ 25,900 $ 291,000 Asset Computer equipment Furniture Commercial building Assuming DLW 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. Problem 02-47 Part b (Algo) . What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 3/26 of year 3? Asset 4/22 8/19 X Answer is complete but not entirely correct. Year 3 Cost Recovery Computer equipment Furniture Commercial building Total $ $ $ $ 1,776 2,265 13,070 X 17,111
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Subject: acounting
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Furniture Total Date Placed in Original Service Basis $116,000 October 25 February 3 MACRS depreciation March 17 April 22 56,000 69,000 196,000 $ 437,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $760,000. a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Computer equipment Furniture Commercial building Show Transcribed Text Asset Computer equipment Furniture Commercial building Total Assuming DLW 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Show Transcribed Text Date Acquired 2/27 J Asset Computer equipment Furniture Commercial building Total 4/26 9/1 a. What is DLW's year 1 cost recovery for each asset? Year 3 Cost Recovery $ Cost Basis 9,500 17,700 338,000 Year 1 Cost Recovery b. What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 4/1 of year 3?
Subject: accounting
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