The ABC company bought a truck costing $100,000 two and a half years ago. The trucks estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation with zero salvage value. The truck was sold yesterday for $15,000. what taxable gain must be reported on the sale of the truck?

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The Giovanni Company purchased a tooling machine in 2007 for $120,000. The machine was being depreciated by the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2017, after 10 years of use, Giovanni paid $20,000 to overhaul the machine. Because of this improvement, the machine's estimated useful life would be extended an additional 5 years. What would be the depreciation expense recorded for the above machine in 2017? a.$7,333 b.$4,000 c.$6,000 d.$5,333

Darth Vader lightsaber is a depreciable asset. He uses the straight-line depreciation method. He purchased the lightsaber on August 1, 20x1 for $85,500. It has a salvage value of $10,800 and has a useful life of 9 years. The book value on Darth Vader's lightsaber is $68,900 on July 1, 20x3. On that date, Darth Vader determines that the asset's salvage value should be $5,800 instead of the original estimate of $10,800. What is the depreciation expense Darth Vader should recognize during the last six months of 20x3? Multiple Choice $4,507.14 $2,460.71 $1,867.86 $2,186.61

A depreciable asset currently has a $40,100 book value. The company owning the asset uses straight-line depreciation. They paid $70,000 for this asset and consider it to have a $1,000 salvage value with a 12-year useful life. How long has the company owned this asset?

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Machine A has been completely overhauled for $9000 and is expected to last another 12 years. The $9000 was treated as an expense for tax purposes last year. It can be sold now for $30,000 net after selling expenses, but will not have salvage value 12 years hence. It was bought new 9 years ago for $54,000 and has been depreciated since then by straight-line depreciation using a 12-year depreciable life. Because less output is now required, Machine A can now be replaced with a smaller Machine B. Machine B costs $42,000, has anticipated life of 12 years, and would reduce operating costs by $2500 per year. It would be depreciated by straight-line depreciation with a 12-year depreciable life and no salvage value.  Both the income tax and capital gains tax rates are 40%. Compare the after-tax annual cost of the two machines and decide whether Machine A should be retained or replaced by Machine B. Use a 10% after-tax rate of return in the calculations

The XYZ Block Company purchased a new office computer and other depreciable computer hardware for $12,000. During the third year, the computer is declared obsolete and is donated to the local community college. Using an interest rate of 10%, calculate the Present Worth of the depreciation deductions. Assume that no salvage value was initially declared and that the machine was expected to last 5 years. Round to nearest dollar. Use STRAIGHT LINE DEPRECIATION to calculate depreciation schedule.

Sunland Company purchased a depreciable asset for $175900. The estimated salvage value is $13900, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. What is the asset's depreciation base?