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- of3 Required information [The following information applies to the questions displayed below] 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. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What would be the year 3 depreciation deduction if the building was sold on August 1 of year 3? Answer is complete but not entirely correct. Year 3 depreciation deduction $102.0000https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fmymasonportal.gmu.edu%252Fweba 8: Homework i ces Listed below are costs (or discounts) to purchase or construct new plant assets. (1) Indicate whether the costs should be expensed or capitalized (Meaning they are included in the cost of the plant assets on the balance sheet.) (2) For costs that should be capitalized, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. List 1. Costs to clear and grade land purchased for a new plant. 2. Parking ticket fees incurred by the delivery truck that illegally parked when delivering new equipment. 3. Demolition costs to remove an old building on land purchased. 4. Janitorial costs incurred to clean equipment. 5. Repair costs to fix new equipment damaged by the crew that unpacked it. 6. Costs to lay foundation for a new building. 7. Costs to unpack and assemble…>> ageNOW X d2l mnsu - Bin x + File O https://v2.ceng... Paste The following costs were incurred to acquire and prepare land for a new parking lot: purchase price of land, lipbo Na $900,000; cost to clear the land, $40,000; cost of paving, $35,000; and cost of lighting for the parking rock lot, $20,000. How much should be recorded in the Land Improvements 1 re account? Hea Oa. $35,000 Firs Ob. $55,000 imp Oc. $40,000 Od. $20,000
- 5. yellow company purchased the following asset on July 16 2022 and placed it in service on the date shown • Apartment building 12/29/2022, total price=2000000;500000 allocated to the land. a. What is the maximum allowed cost recovery for 2022 for the apartment building?9. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a pistive number.) a pristiv Buildings Equipment Furniture Land Land Improvements Total ces Cost At January 1, 2020 15,316,200 4,457,785 18,967,224 9,872,050 Additions 5,888,910 1,601,510 14,369,270 2,361,350 7,820,640 2,041,930 56,433,899 26,262,970 Disposal 0 0 0 0 0 0 At December 31, 2020 21,205,110 6,059,295 33,336,494 12,233,400 9,862,570 82,696,869 Accumulated Depreciation At January 1, 2020 465,268 798,879 3,421,627 Depreciation expense Disposal 0 At December 31, 2020 465,268 798,879 Carrying Amount At January 1, 2020 14,850,932 3,658,906 15,545,597 9,872,050 5,735,721 0 0 0 0 0 0 3,421,627 0 1,049,947 5,735,721 6,770,693 50,698,178 2,961,132 0 1,049,947 At December 31, 2020Required information Problem 10-51 (LO 10-2) (Algo) [The following information applies to the questions displayed below.] On June 12 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 $1,496,000; $496,000 was allocated to the basis of the land and the remaining $1,000,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Problem 10-51 Part a (Algo) a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation deduction Year 1 2 3
- 9. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a postive number.) Buildings Equipment Furniture Land Land Improvements Total Cost At January 1, 2020 15,316,200 4,457,785 18,967,224 9,872,050 7,820,640 Additions 5,888,910 1,601,510 14,369,270 2,361,350 2,041,930 56,433,899 26,262,970 Disposal 0 0 0 0 0 0 At December 31, 2020 21,205,110 6,059,295 33,336,494 12,233,400 9,862,570 82,696,869 Accumulated Depreciation At January 1, 2020 465,268 Depreciation expense 798,879 1,326,217 3,421,627 0 1,049,947 5,735,721 0 492,778 1,818,995 Disposal 0 0 0 0 0 0 At December 31, 2020 465,268 2,125,096 3,421,627 0 1,542,725 7,554,716 Carrying Amount At January 1, 2020 14,850.932 3,658,906 15,545,597 9,872,050 6,770,693 50,698,178 At December 31, 2020 12.233,400 8,319,845 20,553,24511:39 Module1_PPE and .. Problem 28-13 (AICPA Adapted) In 2019, Lepanto Mining Company purchased property with natural resources for P28,000,000. The property had a residual value of P5,000,000. However, the entity is required to restore the property to the original condition at a discounted amount of P2,000,000. In 2019, the entity spent P1,000,000 in development cost . and constructed a building on the property costing P3,000,000. The entity does not anticipate that the building will have utility after the natural resources are removed. In 2020, an amount of P1,000,000 was spent for additional development on the mine. The tonnage mined and estimated remaining tons are: Tons extracted Tons remaining 2019 2020 3,000,000 3,500,000 10,000,000 7,000,000 2,500,000 2021 1. What amount should be recognized as depletion for 2020? a. 6,900,000 b. 9,600,000 c. 8,100,000 d. 8,400,000 2. What amount should be recognized as depletion for 2021? a. 10,150,000 b. 11,025,000 c. 15,750,000 d. 9,450,000* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5
- A new machine with a purchase price of $90,021, with transportation costs of $9,593, installation costs of $6,472, and special acquisition fees of $2,612, would have a cost basis of a. $108,698 b. $96,493 Oc. $90,021 d. $99,105Required information Problem 10-51 (LO 10-2) (Static) [The following information applies to the questions displayed below.] 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. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-51 Part e (Static) e. What would be the depreciation for 2023, 2024, and 2025 if the property were nonresidential property purchased and placed in service November 10, 2006 (assume the same original basis)? Year 2023 2024 2025 Depreciation ExpenseWhat is the cost of land improvements? A. P620,000 B. P654,000 C. P114,000 D. P134,000 What is the cost of the equipment? A. P959,000 B. P849,000 C. P903,000 D. P1,359,000