Business, 04.07.2020 14:01 smithmorgan773p35885
Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight years and an estimated residual value of $45,000. Required: (a) What is the annual amount of depreciation for the first three years, assuming the straight-line method of depreciation is used? (b) What is the book value of the equipment on January 1, Year 4? (c) Assuming that the equipment is sold on January 2, Year 4, for $326,000, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. (d) Assuming that the equipment is sold on January 2, Year 4, for $394,000, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.
Answers: 2
Business, 22.06.2019 01:00
When color is used on a topographical drawing, black is used to represent what?
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Business, 22.06.2019 13:30
Hundreds of a bank's customers have called the customer service call center to complain that they are receiving text messages on their phone telling them to access a website and enter personal information to resolve an issue with their account. what action should the bank take?
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Business, 22.06.2019 14:40
Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate.the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received.c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.
Answers: 3
Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight...
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