Sabrina's Fabric Land bought$5,000of equipment at the beginning of 2019. Amortization expense on the 2019 income statement is $400. What is the balance in accumulated amortization on December 31, 2019? A.$5,000 B.$400 C.$0 D.$4,600

Required information Skip to question [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Service September $1,550,000 Asset Basis Machinery 12 Computer equipment Office building Total February 10 365,000 480,000 $2,395,000 a. What is the maximum amount of §179 April 2 expense AMP may deduct for 2019?

Swifty Company purchased machinery for $939000 on January 1, 2019. Accumulated Depreciation was $846000 on December 31, 2025. The machinery was sold on January 1, 2026 for $70000. What gain or loss did Swifty record from the sale of the machinery? O $70000 loss O $23000 gain O $70000 gain O $23000 loss

Please answer, round off final answers to two decimal places

N1.

Danzer

AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Asset Machinery Computer equipment Office building Total Placed in Service September 12 Basis $ 1,390,000 February 101 April 2 415,000 $ 2,335,000 530,000 b. What is the maximum total depreciation, Including $179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including $170 expense), $ 1,315,000

9. Amazing Inc. purchased Class 8 furniture for $4,000 in 2022. In 2023, this furniture was sold for $1,000. Class 8 UCC was $10,300 at the beginning of 2022 and no Class 8 property was purchased during the year. What is the UCC of this class at the end of 2023? A. $1,860 B. $7,440 C. $9,300 D. $8,240 10. Mary carries on business as a sole proprietor that generated $100,000 in net accounting income. Included in this amount are: • $7,000 of amortization expense; •$4,000 for bad debt expense; • $112,000 cost of goods sold; and • $12,000 meals and entertainment with clients. Mary's maximum CCA has been calculated at $10,000 for the year. What is Mary's business income for income tax purposes? A. $113,000 B. $109,000 A) C. $107,000 $103,000 11. Tomas began carrying on a home-based business as a sole proprietor on January 1, 2023. In 2023, he received $40,000 cash for services rendered and paid $33,000 in business expenses. On December 31, 2023 there was an outstanding accounts receivable…

Prepare the complete Depreciation and Amortisation Form 4562.

Hypothetical Corporation incurred the following expenses:                                                    2019         2020Research and Development    619,000    703,000 The new product will be available for sale July 1, 2021.   Calculate the deduction for R&D expenses for 2019, 2020, and 2021 under the following independent assumptions:a. Armando Corporation elects to expense the R&D expenses. b. Armando Corporation elects to amortize the R&D expenses over 60 months.