[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.

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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.

Cheyenne Corp. owns equipment that cost $63,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $4,900 and an estimated useful life of 5 years.Prepare Cheyenne Corp.’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a)   Sold for $29,920 on January 1, 2020. (b)   Sold for $29,920 on May 1, 2020. (c)   Sold for $10,100 on January 1, 2020. (d)   Sold for $10,100 on October 1, 2020.   No. Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   enter an…

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Francis Company purchased a machine for $24, 000; the seller is holding the note. Francis Company paid $5, 400 for improvements to extend the life of the machine. Francis Company has deducted depreciation on the machine for 3 years totaling $12,000. Francis Company owes $10,000 to the seller. What is Francis Company's adjusted basis in the machine? Group of answer choices

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Hot Stone Creamery sold ice cream equipment for $17,600. Hot Stone originally purchased the equipment for $94,000, and depreciation through the date of sale totaled $73,000.   Record the gain or loss on the sale of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)