Carlos originally purchased his tractor five years ago for $20.000 cash. Today, Carlos's tractor is worth...

  

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• Carlos originally purchased his tractor five years ago for $20.000 cash. Today, Carlos's tractor is worth $10,000. He's been depreciating using an accelerated method and has an A/D balance ofS11,000. • Mayra's tractor is newer, purchased three years ago for $15,000. She's been depreciation on a straight-line basis or $4,500 since acquisition. Today, her tractor was appraised for $9,000. Start by completing the chart below. Paul Christine Cost (A/D) Book Value Fair Value Gain/Loss Situation if... Paul Christine Has CS Lacks CS Prepare journal entries for Has and Lacks Commercial Substance • Carlos originally purchased his tractor five years ago for $20.000 cash. Today, Carlos's tractor is worth $10,000. He's been depreciating using an accelerated method and has an A/D balance ofS11,000. • Mayra's tractor is newer, purchased three years ago for $15,000. She's been depreciation on a straight-line basis or $4,500 since acquisition. Today, her tractor was appraised for $9,000. Start by completing the chart below. Paul Christine Cost (A/D) Book Value Fair Value Gain/Loss Situation if... Paul Christine Has CS Lacks CS Prepare journal entries for Has and Lacks Commercial Substance

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