jordan purchased a $20,000 piece of office furniture during 2019. The balance in his UCC pool for furniture at the end of 2018 year was $60,000 and is amortized at the declining balance rate of 20%. If jordan's CCA is $18,000, what is the ending UCC for 2019?

Please help me find the amount on 2019 and 2020

For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $54,400 21,760 1,088 16,320 29,920 19,040 1,632 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.

Merville is a dealer in real properties. Merville requires 20% downpayment, and the balance is payable over 36 monthly instalments starting on the last day of the month following the month of sale. Merville sold properties in 2019 and 2020 with terms as follows: House and Lot No. 1 was sold for P1,350,000 on November 11, 2019. House and Lot No. 2 was sold for P1,800,000 on July 5, 2020. Both properties were sold at a gross profit rate of 40% based on the selling price. Compute Merville’s gross income subject to income tax in 2019 and 2020, respectively. P120,000;P720,000 P540,000;P720,000 P120,000;P846,000 P540,000;P846,000

On October 12, 2023, Simarov, Inc. purchases a Copyright to a song, written by a person who died on October 12, 1963 for $50,000 cash. Simarov believes they will be able to generate revenue from the Copyright for the remaining useful life. Prepare the journal entry to record the purchase. DR: CR: What is the remaining useful life of the Copyright? How much amortization expense will Simarov record each year? years Prepare the adjusting journal entry to record one year's amortization. DR: CR: What is the Net Book Value of the Copyright on October 1, 2027?

Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85, 385 on date of closing. Monthly payments are $569.23, with interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How would the pest and termite protection premium be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 de

Nancy purchased a projector screen on July 15, 2019, for $1,200. The screen was used 70% of the time in her business and the rest of the time her children used the screen to watch movies. In 2019, the computer was used 40% for business and 60% for personal use. What are the cost recovery deductions for 2019 and 2020? (No §179 or bonus). Is there any recapture of depreciation in 2020?

On February 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $209,000. Holly also owns another residential apartment building that she purchased on July 15, 2020, with a cost basis of $384,200.   a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS.

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