o. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or oss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Note: Round other intermediate computations to the nearest whole dollar amount. X Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) $ $ $ Amount 4,119 X 4,119 x 0✔
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- Problem 11-42 (LO 11-3, LO 11-4) (Algo) Skip to question [The following information applies to the questions displayed below.]On August 1 of year 0, Dirksen purchased a machine for $28,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,250. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 11-42 Part-a (Algo) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Problem 11-42 (LO 11-3, LO 11-4) (Algo) Skip to question [The following information applies to the questions displayed below.]On August 1 of year 0, Dirksen purchased a machine for $28,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,250. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not…Becker Office Service purchased a new computer system on January 1, 2018, for $30,800. It is expected to have a five-year useful life and a $3,600 salvage value. Becker Office Service expects to use the computer system more extensively in the early years of its life. Required a. Calculate the depreciation expense for each of the five years, assuming the use of straight-line depreciation. Salvage Value Useful Annual Year Cost Life Depreciation 1 2 3 4 b. Calculate the depreciation expense for each of the five years, assuming the use of double-declining-balance depreciation. (Enter all amounts as positive values. Do not round intermediate calculations. Round "SL rate" answers to 2 decimal places. Round your answers to the nearest dollar amount.) Accumulated Depreciation Annual Beginning of Period (2 x SL Rate) Year Cost Depreciation 1 2 3 4Required information Problem 11-41 (LO 11-3, LO 11-4) (Static) [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,000. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-b (Static) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $45,000? Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount $ 27,000 $(27,000) X $ (27,000)
- D. On January 1, 2021, Mrs. Enjambre bought a machinery for P 325,000 with a estimated useful life of 8 years. Once fully depreciated, the machinery can be sold to a junk shop at P 5,000. I. Provide Adjusting Entry for the depreciation at Dec. 31, 2021 E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021 F. Wrong use of Account Title. The company bought an office table and chairs worth P 15,000 for cash but the bookkeeper recorded it as: Entry made. office Supplies 15,000 Cash 15,000 1 Provide a.) Should be entry and b.) Adjusting Entry to correct the entry made by the bookkeeper.During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,606,000. Calculate the maximum depreciation deduction during the current year. (Use MACRS Table 5.) (Round final answer to the nearest whole number.) Essay Toolbar navigation BIU S A | >Compute the following: a1. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a1. fill in the blank 98f2d8fd2ff405a_2 fill in the blank 98f2d8fd2ff405a_3 1 2 fill in the blank 98f2d8fd2ff405a_5 fill in the blank 98f2d8fd2ff405a_6 2 a2. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank 9cff6906105e034_1 b. DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous Monday, December 29. Prepare the adjusting entry on…
- On June 15, 2023, Family Furniture discarded equipment that had a cost of $27,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date June 15 .. Accounts and Explanation Debit CreditCompute the following: a1. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a1. fill in the blank 0d3791048fafffd_2 fill in the blank 0d3791048fafffd_3 1 2 fill in the blank 0d3791048fafffd_5 fill in the blank 0d3791048fafffd_6 2 a2. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank a4b3dcffdff0fd9_1 b. Zip Company pays its employees every Friday. On January 4, 20--, the Company paid $2,200 for the 5 days beginning the previous Monday, December 31. Prepare the adjusting entry on December 31. Omit…Compute the following: a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straightline depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a. fill in the blank a56629fe4031fb0_2 fill in the blank a56629fe4031fb0_3 1 2 fill in the blank a56629fe4031fb0_5 fill in the blank a56629fe4031fb0_6 2 a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank bd8c2300bf8af95_1 b. DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous December 29. Prepare the adjusting entry on December 31. Omit…
- Accounting A. Tax payer incurred expenses of SAR 10,000 to alter and improve equipment with a cost base of SAR 100,000. Are these expenses deductible under article 18 of the law? B. Tax payer recorded the following journal entry Dr. Bad debt expense 10,000 Cr. Provision for doubtful receivable 10,000 Required: Is that provision deductible under article (14) of the law C. 1n 2020 Dr. Accounts receivable (Ibrahim) 100,000 Cr. Sales 100,000 In 2021 Dr. Bad debt expense 20,000 Cr. Accounts receivable Ibrahim) Required: Is that bad debt expense deductible under article (14) of the law?Exercise 5-10 (Algorithmic) (LO. 10) Jebali Company reports gross income of $664,000 and other property-related expenses of $431,600 and uses a depletion rate of 20%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 116-Muscat Bakery LLC bought a Toyota Hiace Van for its business in July 2018. The cost of the Van is RO 12000 and the useful life is 5 years. The depreciated was provided in the accounts using Declining Balance method. The company sells the van on 31 Dec 2020 for RO 6000. The amount of Profit /loss to the transferred to the Income statement will be a. RO 912 Loss b. RO 1728 Profit c. RO 120 Loss d. RO 912 Profit