Provide Value For Blank of Question On September 30, 2015, Priscillapurchased a business. Of the purchaseprice, $178,000 is allocated to a patentand $1,068,000 to goodwill. The2015 §§197 amortization deduction is$

Step 1: Define Amortization DeductionAccording to US tax law, the amortization subtracts specific…

Answered: On September 30, 2015, Priscilla…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

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Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 28CE

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15. Blue Company sold machinery for $45,000 on December 23, 2021. The machinery had been acquired on April 1, 2019, for $69,000 and its adjusted basis was $34,200. The § 1231 gain, § 1245 recapture gain, and § 1231 loss from this transaction are: a.$0 § 1231 gain, $0 § 1245 recapture gain, $14,800 § 1231 loss. b.$0 § 1231 gain, $10,800 § 1245 recapture gain, $34,200 § 1231 loss. c.$0 § 1231 gain, $34,200 § 1245 recapture gain, $0 § 1231 loss. d.$0 § 1231 gain, $10,800 § 1245 recapture gain, $0 § 1231 loss.
Exercise 8-26 (Algorithmic) (LO. 7) On October 1, 2022, Verónica purchased a business. Of the purchase price, $190,000 is allocated to a patent and $1,140,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Verónica's 2022 § 197 amortization deduction.
9. Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $120,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 8 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. Accounts DR CR Purchase Amort
Q7.
a. A copyright purchased on January 1, 2020, for a cash cost of $15,70O. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $77,000 from the purchase of the Hartford Company on July 1, 2019. CA patent purchased on January 1, 2019, for $56,000. The Inventor had registered the patent with the U.S. Patent and Trademark Office on January 1, 2015. Springer Intends to use the patent for its remaining life. Required: 1. Compute the amortization expense of each intangible for the year ended December 31, 2020. The company does not use contra- accounts. 2a. Show how the expenses related to the three intangible assets should be reported on the Income statement for 2020. 2b. Show how the three intangible assets should be reported on the balance sheet for 2020. (Assume there has been no Impairment of goodwill.)
LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated to a patent and 375,000 is allocated to goodwill. Calculate Priscillas 2019 197 amortization deduction.
On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received $12,000,000 in net assets. In 2016, the market value of the goodwill obtained from Branta Corp. was valued at $4,000,000, but in 2017 it dropped to $2,000,000. Prepare the journal entry for the creation of goodwill and the entry to record any impairments to it in subsequent years.
Compute for the gain on sale of patent under the following problem A) P2,620,000 B) P925,000 C) P1,078,125 D) P995,000
On July 1, 2022, Oriole Company purchased the copyright to Cheyenne Corp. for $260000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2022 would be $26000. $52000. $24687. $48100.
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. X
Troy Aikman Corporation purchased a patent from Salmon Company on Jaunary 1, 2017, for $54,000. The patent has a remaining legal life of 16 years Troy Aikman feels the patent will be useful for 10 years. Prepare Troy Aikmans Journal entry to record the amortization of the patent in 2017 O Patent Expense $5.400 Cash $5.400 O Patent Expense $5 400 Patent $5.400 O Patent $5,400 Patent Expense $5,400 O None of the Above
Assume that Timberline Corporation has 2023 taxable income of $248,000 for purposes of computing the §179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Problem 10-58 Part a (Algo) Purchase Date December 1 February 28 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 July 15 May 22 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? $ 1,050,000 $ Basis $ 526,000 98,000 38,000 588,000 $ 1,250,000 0

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On September 30, 2015, Priscilla purchased a business. Of the purchase price, $178,000 is allocated to a patent and $1,068,000 to goodwill. The 2015 §§197 amortization deduction is $