Which of the following is not a §1231 asset? O A. A binding machine at a printer's shop B. A horse used for sporting purposes and held for 15 months C. Dairy cattle held for three years D. Timber to which IRC §631 applies
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- [The following information applies to the questions displayed below.] Dog Co. acquired and placed in service the following assets during the year: Date Cost Asset Placed in Service Basis Computer equipment 3/9 $ 15,800 Furniture 5/23 23,200 Commercial building 10/19 347,000 Assuming Dog Co. does not elect §179 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Dog Co.'s year 3 cost recovery for each asset if Dog Co. sells all of these assets on 4/16 of year 3?22Which of the following should be included in the cost of land? A) Costs of grading and clearing the land B)Costs of removing an unwanted building C) Cost of fencing D)Both A and B 23Which of the following is NOT an intangible asset? A)Copyright B. Goodwill C) Patent D)Mineral rright 24The cost of installing shrubbery should be recorded as: A)land. B)land improvements. C)land maintenance expense. D)land improvement expense. 25Although located on the land, they are subject to decay and their cost is depreciated. This is the definition of: A)land improvement. B)plant and equipment. C)a building. D)land.1. Which of the following is a qualifying asset? * A. Building that is ready for its intended use upon purchase B. An application software (intangible asset) that takes 3 years to develop C. Investment property measured at fair value D. Inventories that are routinely produced in large quantities in continuous basis 2. In which of the following instances is the capitalization of borrowing costs under PAS 23 would most likely be suspended? * A. Construction is temporarily stopped for the curing of concrete. B. Active development is stopped to give time for the engineers to reevaluate a design flaw. C. The construction of a bridge is disrupted by troubled waters. D. The construction of a building is discontinued because it is condemned by the government. The resumption of development is uncertain. 3. On January 1, 20x1, Entity A obtained a 12% ₱6,000,000 loan, specifically to finance the construction of a building. The proceeds of the…
- Case 5. The assets of a CGU at year-end are as follows: Property, Plant and Equipment Patent Goodwill Carrying amount 2,500,000 3,500,000 1,000,000 Fair value 2,000,000 3,000,000 1,000,000 The most recent review assesses the value in use of the CGU to be 4,500,000. 24. What total amount should be reported as impairment loss on goodwill? 25. What is the impairment loss to be allocated to the PPE?Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) 2018 Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 $ Original Basis 102,000 34,000 47,000 190,000 *The delivery truck is not a luxury automobile a. What is the allowable MACRS depreciation on Evergreen's property in the current year assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) b. What would be the allowable MACRS depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation?23Which of the following is NOT an intangible asset? A)Copyright B. Goodwill C) Patent D) Mineral rright 24The cost of installing shrubbery should be recorded as: A)land. B)land improvements. C)land maintenance expense. D)land improvement expense. 25Although located on the land, they are subject to decay and their cost is depreciated. This is the definition of: A)land improvement. B)plant and equipment. C)a building. D)land.
- Hello, please i need help with number 2 (a, b and c). Charts are in the screenshot Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets of Gemini Company during the current year ended December 31 are as follows: On December 31, Gemini Company determined that $3,000,000 of goodwill was impaired. Governmental and legal costs of $920,000 were incurred by Gemini Company on June 30 in obtaining a patent with an estimated economic life of eight years. Amortization is to be for one-half year. Timber rights on a tract of land were purchased for $1,350,000 on March 6. The stand of timber is estimated at 15,000,000 board feet. During the current year, 3,300,000 board feet of timber were cut and sold. Instructions: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Item Amortization, Depletion, or Impairment a. $ (I answered 3000000) b. $ (I answered…Company B has acquired a trademark relating to the introduction of a new manufacturing process. The costs incurred were as follows: 1. Cost of trademark, 150,000 2. Expenditure on promoting the new product, 5,000 3. Employee benefits relating to the testing of the proper functioning of the new process, 25,000 According to IAS 38 - 'Intangible assets', what is the total cost that can be capitalised as an intangible fixed asset in respect of the new process? A. 150,000 B . 155,000 C. 175,000 D. 180,000For each of the following assets, state both the MACRS-GDS property class, if applicable, and the specific depreciation method to be used (e.g., 15-year property, 150% DBSLH). a. A tractor (part of tractor-trailer rig, an 18-wheeler).b. A copyright. c. An all-in-one copier, scanner, fax machine used in your business. d. A rental home for the purpose of generating rental income.
- Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery October 25 $ 110,000 Computer equipment February 3 40,000 Used delivery truck* August 17 53,000 Furniture April 22 200,000 *The delivery truck is not a luxury automobile. Q: What is the allowable MACRS depreciation on Evergreen’s property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) (2 images limited, pls search full version table 2 online if need )[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next > search Designed by Apole in Cafomia Assembled in ChnaWhich of the following items is not a separate CGT asset for the purposes of Subdivision 108-D ITAA97? A capital improvement to a pre-CGT asset that cost $52,000 in 1998. A building or structure built in May 1998 on pre-CGT Tand. A building or structure built in May 1998 on post-CGT land for which a balancing adjustment would apply on disposal. A depreciation asset that is part of a building or structure on post-CGT land. Land acquired after 19 September 1985 that amalgamated on the same title as land acquired before that date.