Required: Record all the entries for the 2 years that Jessica owned the truck, including the disposal of the truck and oven.

! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years and $1,000 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Ringo owns 5 acres of rental property. Yoko rents the property to graze cows for one year and pays the rent with autographed copies of old records autographed by her late husband John. The lease called for rent of $10,000. How much income will Ringo recognize?

S Required information [The following information applies to the questions displayed below.] Carl purchased an apartment complex for $3.5 million on March 17 of year 1. of the purchase price, $1,500,000 was attributable to the land the complex sits on. He also installed new furniture into half of the units at a cost of $84,000. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Enter your answers in dollars and not in millions of dollars. a. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? Note: Round your final answers to the nearest whole dollar amount. Year 1 Year 2 Depreciation Deduction

! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 7. Prepare the journal entry to record year 2 double-declining balance depreciation expense for Machine C, which has a cost of $26,800, an estimated life of 10 years, and $1,400 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A. Record the year 2 depreciation expense for Machine C.

(1) At the beginning of Year 1 Timmy purchased a 200-acre farm in Oldham County, Texas. He immediately proceeded to begin growing crops for sale. He irrigates his crops using water from the Ogallala formation. At the time of purchase Timmy was advised by a qualified hydrologist that there were approximately 200,000,000 cubic meters of recoverable Ogallala water un- der his farm. On the basis of this report Timmy, on your advice, allocated $6 mil- lion of his $20 million purchase price to the water. At the very beginning of Year 2 the hydrologist came back and estimated that as of that time there remained 194,000,000 cubic meters of recoverable water under Timmy's farm. Calculate and explain Timmy's Year 1 cost depletion deduction.

Rebecca is a doctor with an AGI of $128,000 before consideration of income or loss from her dog breeding business. Her home is on 15 acres, 10 of which she uses to house the animals and provide them with ample space to play and exercise. Her records show the following related income and expenses for the current year:  Income from fees and sales $ 2,650 Expenses:   Dog food $ 4,150 Veterinary bills 3,650 Supplies 1,260 Publications and dues 380   Required: How must Rebecca treat the income and expenses of the operation if the dog breeding business is held to be a hobby? (Leave no cells blank. Enter "0" wherever required.) How would your answer differ if the operation were held to be a business? (Leave no cells blank. Enter "0" wherever required. Enter all losses with a minus sign.)

Saved Help Required Information [The following information applies to the questions displayed below.] Steve Pratt, who is single, purchased a home in Spokane, Washington, for $415,000. He moved into the home on February 1 of year 1. He lived in the home as his primary residence until June 30 of year 5, when he sold the home for $767,500. (Leave no answer blank. Enter zero if applicable.) b. Assume the original facts, except that the home is Steve's vacation home and he vacations there four months each year. Steve does not ever rent the home to others. What gain must Steve recognize on the home sale? Recognized gain on sale

Donald was killed in an accident while he was on the job. Darlene, Donald's wife, received several payments as a result of Donald's death. Review the payments below and then enter the amount to be included in Darlene's gross income in the table provided. a. Donald's employer paid Darlene an amount equal to Donald's three months' salary ($45,600), which is what the employer does for all widows and widowers of deceased employees. b. Donald had $21,200 in accrued salary that was paid to Darlene. c. Donald's employer had provided Donald with group term life insurance of $135,000, which was payable to his widow in a lump sum. Premiums on this policy totaling $23,600 had been included in Donald's gross income under § 79. d. Donald had purchased a life insurance policy (premiums totaled $172,000) that paid $415,000 in the event of accidental death. The proceeds were payable to Darlene, who elected to receive installment payments as an annuity of $37,000 each year for a 29-year period. She…

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