5Required information[The following information applies to the questions displayed below.]Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 andTable 2.)*AssetMachineryComputer equipmentUsed delivery truck*FurnitureDate Placed inServiceOctober 25February 3August 17April 22DepreciationOriginalBasis$ 102,00034,00047,000190,000The delivery truck is not a luxury automobile.Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expenseand elects out of bonus depreciation?

Depreciation in accounting refers to the systematic allocation of the cost of a tangible asset over…

Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 Depreciation August 17 April 22 Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus deprecia

Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 Depreciation August 17 April 22 Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus deprecia

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery Computer equipment Used delivery truck* $ 106,000 37,000 50,000 195,000 October 25 February 3 August 17 April 22 Furniture *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) X Answer is complete but not entirely correct. MACRS depreciation
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment August 17 Used delivery truck* Furniture April 22 *The delivery truck is not a luxury automobile. Asset Depreciation Original Basis $ 84,000 20,500 33,500 167,500 a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations to the nearest whole dollar amount.
DS: Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment Used delivery trucke Furniture August 17 April 22 *The delivery truck is not a luxury automobile. Asset Original Basis $ 84,000 20,500 33,500 167,500 b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation? MACRS depreciation
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Computer equipment Furniture Commercial building Date Acquired 3/4 3/28 10/14 Assuming DLW does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Asset Computer equipment Furniture Commercial building Total Cost Basis $ 18,200 $ 20,300 $ 306,000 b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 2/27 of year 3? Year 3 Cost Recovery
! Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 2/24 4/17 Cost Basis $ 12,000 $ 26,400 $ 264,000 11/5 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is DLW's year 1 cost recovery for each asset? Asset Computer equipment Furniture Commercial building Total Year 1 Cost Recovery $ $ $ $ 2,400 3,773 845 7,018
! Required information P8-6 (Algo) Recording Journal Entries Related to Various Long-Lived Assets LO8-2, 8-3, 8-6 [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $50,400 cash (estimated useful life, nine years). b. On January 1, purchased another business for $164,000 cash, including $7,000 for goodwill. The assets included accounts receivable with a fair value of $11,000 and property and equipment with a fair value of $146,000 (with a residual value of $15,330 and estimated useful life of 10 years). The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost of the shed was $21,600. The company uses straight-line depreciation. The lease will expire in eight years. (Amounts spent to enhance leased property are capitalized as intangible…
[The following information applies to the questions displayed below.] Dog Co. acquired and placed in service the following assets during the year: Date Cost Asset Placed in Service Basis Computer equipment 3/9 $ 15,800 Furniture 5/23 23,200 Commercial building 10/19 347,000 Assuming Dog Co. does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Dog Co.'s year 3 cost recovery for each asset if Dog Co. sells all of these assets on 4/16 of year 3?
Problem 14-73 (Algorithmic) (LO. 8, 9) Copper Industries (a sole proprietorship) sold three § 1231 assets during 2023. Data on these property dispositions are as follows: Accumulated Asset Cost Acquired Depreciation Bin Rack $119,600 10/10/20 $77,740 $59,800 10/10/23 Forklift 47,840 10/16/20 23,920 17,940 10/10/23 107,640 03/12/22 35,880 59,800 10/10/23 Asset If an amount is zero, enter "0". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Rack Forklift Bin Copper has 1231 Character of Gain or Loss Sold For Total Amount of Gain or Loss § 1231 gain § 1231 loss Ordinary income of Sold On Amount of § 1245 Recapture Balance of Gain or Loss due to § 1245 recapture and $ of § b. Assuming that Copper has $11,960 nonrecaptured net § 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long- term capital gain.
! Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired Cost Basis $ 10,000 2/17 5/12 $ 17,000 11/1 $ 270,000 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is DLW's year 1 cost recovery for each asset? X Answer is complete but not entirely correct. Year 1 Cost Recovery Asset Computer equipment Furniture Commercial building Total $ $ $ $ 2,000✔ 2,429 6,912 X 11,341
X Transactions for CCA Class 8 assets. Date Item Activity Amount March 11, 2002 Machine 1 Purchase $50,000 April 24, 2002 Machine 2 Purchase $150,000 November 3, 2005 Machine 3 Purchase $230,000 November 22, 2005 Machine 1 Sale $10,000 May 20, 2009 Machine 4 Purchase $50,000 August 3, 2014 Machine 5 Purchase $345,000 September 12, 2015 Machine 3 Sale $50,000 Churchill Metal Products opened for business in 2002. Its transactions for CCA Class 8 assets over the years are shown in the accompanying table. What CCA amount did Churchill Metal Products claim for the 20 percent UCC account in 2016? Click on the icon to view the transactions for CCA Class 8 assets. Churchill Metal Products claimed a CCA of $ in 2016. (Do not round until the final answer. Then round to the nearest dollar as needed.)
( ! Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 2/19 $ 16,300 Furniture 4/27 $ 22,900 Commercial building 10/2 $ 319,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following ques (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 1/15 of year 3? Asset Computer equipment Furniture Commercial building Year 3 Cost Recovery Total
Problem 5:On January 1, 2016, Greenhills Company acquired property, plant and equipment for each as follows:Cost Life in yearsLand 5,000,000Building 25,000,000 2513Machinery 10,000,000 5Equipment 3,000,000 10At the beginning of 2019, a revaluation of property items was made by professionally qualified valuers.While no change in the life of the assets was indicated, it was ascertained that replacement cost of theassets acquired in 2016 had increased by the following percentage:Land 100%Building 80%Machinery 50%Equipment 40%It was authorized that such revaluation be recorded in the accounts and that depreciation be recorded onthe basis of revalued amount.Required:a. Prepare journal entry to record the revaluation on January 1, 2019.b. Prepare the journal entry to record the depreciation for 2019.c. Prepare the journal entry to record the piecemeal realization of the revaluation surplus.d. Present the assets in the statement of financial position on December 31, 2019.