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 andTable 2)MachineryAssetComputer equipmentUsed delivery truckFurnitureDate Placed inServiceOctober 25February 3OriginalBasis$ 74,00013,000August 17April 2226,000155,000The delivery truck is not a luxury automobile.Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciationand elects out of §179 expense?Depreciation

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Description: 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 andTable 2)MachineryAssetComputer equipmentU

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Accounting

[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 Date Placed in Service October 25 Original Basis $ 74,000 February 3 13,000 August 17 April 22 26,000 155,000 Furniture The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.

[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 Date Placed in Service October 25 Original Basis $ 74,000 February 3 13,000 August 17 April 22 26,000 155,000 Furniture The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.

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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In recent years, Blue Spruce Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each bus, and various methods have been used. Information concerning the buses is summarized in the table below. Salvage Useful Life Depreciation Bus Acquired Cost Value in Years Method 1 Jan. 1, 2020 $ 95,600 $ 8,000 4 Straight-line 2 Jan. 1, 2020 119,000 12,000 Declining-balance 3 Jan. 1, 2021 91,300 8,000 Units-of-activity For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 119,000. Actual miles of use in the first 3 years were 2021, 28,000; 2022, 35,000; and 2023, 31,000. (a1) For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. O.50.) Depreciation expense per mile %24
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As the accountant of a manufacturing company, you have been asked to recommend a depreciation method that will be used in measuring and reporting all fixed assets of the company. With your vast knowledge in accounting principles and in compliances with generally accepted accounting standards, you came up with the following proposed methods for the approval of the management; Method I: Straight Line Method Method II: Written Down Value Method at 59% The company bought a machine for OMR 175,000 on January 1, 2019. The machine is expected to be useful for 4 years and has an estimated salvage value of OMR 5,000. Using method I Straight Line Method, compute the annual depreciation. 2. Complete the following table if straight line method is used; Year Depreciation Expense Accumulated Depreciation Book Value…
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Line following information applies to the questions displayed below. At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 5/12 9/17 10/11 10/11 Assuming Poplock does not elect 5179 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. Leave no answer blank. Enter zero if applicable. Commercial building Land (one acre) Total What is Poplock's year 1 depreciation deduction for each asset? $ $9,000 11,000 10,000 310,000 120,000 Depreciation Deduction
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Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Date Placed in Service Original Basis Machinery October 25 $ 70,000 Computer equipment February 3 10,000 Used delivery truck* August 17 23,000 Furniture April 22 150,000 *The delivery truck is not a luxury automobile. 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?
Antique corporation is contemplating the replacement of an existing acid using the operation of its business. The original cost of this asset was $34,000; since date of acquisition, the company has taken a total of $26,000 of depreciation expense on this asset.
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