On nay 2, 2023 Imani placed innservice a new sports utility vehicle that vost $60,000 and has gross vehicle weight of 6300 lbs. the vehicle is ysed 60% for budiness and 40% for personal use determine Imsnis total cost recovery for 2023 imani wants to yse both 179 and first year depreciation
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- Kk.254. Company XYZ purchased a S.16H qualifying environmentally friendly vehicle for $500,000. Vehicles are a 30% annual allowance asset. How much of this purchase will be added to the 30% depreciation pool in the current year?On May 2, 2021, Imani placed in service a new sports utility vehicle that cost $60,000 and has a gross vehicle weight of 6,300 lbs. The vehicle is used 60% for business and 40% for personal use. Determine Imani's total cost recovery for 2021. Imani wants to use both §179 and additional first-year depreciation. a. $7,200 b. $26,200 c.$27,200 d. $36,000Purple Merchandising Company purchased a vehicle for TL 80.000 on January 1, 2020. Expected useful life of the vehicle is 10 years and estimated residual value is TL 10.000. Purple company is using Straight Line Depreciation Method for this vehicle. a) What is this vehice's net book value at the end of 4 years? vehicle's net book value at the end of 4 years is bi Journalize depreciation expense of this vehcle at the end of 7th year. Debit account is worth of Credit account is worth of ) Journalize sale transaction when this vehicle is soid for 10.000 TL at the end of B years. Debit account is worth of Debit account is worth of Debit account is worth of Windows'u Etkinleştir Windowsu etkiniestimek ipn Ayartara gidin Credit account is worth of
- On March 1, 2020, Peggy's Cafe acquired equipment for $220.000. The estimated life of the equipment is 5 years or 80,000 hours. The estimated residual value is $20.000. What is the depreciation for 2020), if Peggy's Cafe uses the asset 14,200 hours and uses the activity based depreciation method? (round to the nearest dollar) $29.583 $32.542 Ⓒ$35.500 $39.050 None of the above.A new top-of-the-line semi-truck tractor (the tractor pulls the trailer, the combination making up an “18-wheeler”) costs $200,000 and is MACRS-GDS 3- year property. What is the depreciation charge and book value at the end of year 2 using MACRS-GDS with 50% bonus depreciation? a. $133,330 and $66,670 b. $44,450 and $155,550 c. $44,450 and $22,220 d. $14,810 and $14,820.Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used for deliveries, has the following characteristics: Estimated life: 5 years Estimated residual value: 3,000 Depreciation method for financial statements: straight-line method Depreciation for income tax purposes: MACRS (3-year life) From 2019 through 2023, each year, Hunter had sales of 100,000, cost of goods sold of 60,000, and operating expenses (excluding depreciation) of 15,000. The truck was disposed of on December 31, 2023, for 2,000. Required: 1. Prepare an income statement for financial reporting through pretax accounting income for each of the 5 years, 2019 through 2023. 2. Prepare, instead, an income statement for income tax purposes through taxable income for each of the 5 years, 2019 through 2023. 3. Compare the total income for all 5 years under Requirements 1 and 2.
- On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated service life of 5 years and zero residual value. Assume that the straight-line depreciation method is used. Required: Compute the depreciation expense for 2019 for each of the following four alternatives: 1. Horan computes depreciation expense to the nearest day. (Use 12 months of 30 days each and round the daily depreciation rate to 2 decimal places.) 2. Horan computes depreciation expense to the nearest month. Assets purchased in the first half of the month are considered owned for the whole month. 3. Horan computes depreciation expense to the nearest whole year. Assets purchased in the first half of the year are considered owned for the whole year. 4. Horan records one-half years depreciation expense on all assets purchased during the year.Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for 120,000 miles. Montello uses the units-of-production depreciation method and in year one it expects to use the truck for 23,000 miles. Calculate the annual depreciation expense.Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual value was 500 and its expected service life was 5 years. Hathaway computes depreciation expense to the nearest whole month. Required: 1. Compute depredation expense (rounded to the nearest dollar) for 2019 and 2020 using the: a. straight-line method b. sum-of-the-years-digits method c. double-declining-balance method 2. Next Level Which method produces the highest book value at the end of 2020? 3. Next Level Which method produces the highest charge to income in 2020? 4. Next Level Over the life of the asset, which method produces the greatest amount of depreciation expense?
- If the replacement cost of the machine on 31st December 2019 was OMR 70,000 and on 31st December 2020 was OMR 100,000, then how much will be the amount of depreciation under CCA at 20% rate of depreciation on 31st December 2020. a. OMR 10,000 b. OMR 3,000 c. OMR 14,000 d. OMR 17,000On January 3, 2023, Xenex Innovations purchased computer equipment for $132,000. The equipment will be used in research and development activities for five years or a total of 10,000 hours and then sold for about $18,000. Assume actual usage in hours of: 2023 2024 2025 2026 2027 1,500 1,810 2,700 4,010 3,000 Required: Calculate depreciation expense and book values for each year of the equipment’s life for each method of depreciation using the table provided below. Xenex’s year-end is December 31. (Do not round intermediate calculations.)Kansas Enterprises purchased equipment for $75,500 on January 1, 2024. The equipment is expected to have a five-year service life, with a residual value of $6,600 at the end of five years. Using the double-declining balance method, depreciation expense for 2025 would be: (Do not round your intermediate calculations) Multiple Choice O O O O $30,200. $18,120. $27,560. Help Save & E $16.536.
