On August 1 of year 0, Dirksen purchased a machine for $28,750 to use in its...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On August 1 of year 0, Dirksen purchased a machine for $28,750 to use in its business. On December 4 of year O, Dirksen sold the machine for $28,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) On August 1 of year 0, Dirksen purchased a machine for $28,750 to use in its business. On December 4 of year O, Dirksen sold the machine for $28,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)
Expert Answer:
Answer rating: 100% (QA)
Solution A Description Amount Amount Realized 28000 Original Basis 28750 Accumulate... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date:
Students also viewed these accounting questions
-
On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. a. What is the amount and character of the gain...
-
On August 1 of year 0, Dirksen purchased a machine for $40,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $32,500. (Use MACRS Table.) (Loss amounts should be...
-
In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale,...
-
The following table includes the GNP(X) and the demand for food (Y) for a country over ten years period. Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Y 6 7 8 10 8 9 10 9 11 10 X 455555 50...
-
The following are typical questions that might appear on an internal control questionnaire for accounts payable. 1. Are monthly statements from vendors reconciled with the accounts payable listing?...
-
In Exercises use a graphing utility to graph the first 10 terms of the sequence. Use the graph to make an inference about the convergence or divergence of the sequence. Verify your inference...
-
If an ideal gas undergoes a reversible adiabatic expansion, the work done by the gas is given by (a) \(\frac{P_{2} V_{2}-P_{1} V_{1}}{\gamma-1}\) (b) \(\frac{P_{1} V_{1}-P_{2} V_{2}}{\gamma-1}\) (c)...
-
1. Where do you stand? Do you think EU subsidies and soft loans to Airbus are fair? Why or why not? What advantages does Airbus gain from free financial support from the EU governments? Are...
-
Explain Liquidity and Efficiency ratio and explain how each of the ratios within that class is calculated and how they are used to analyze financial statements. Then, select a recently filed set of...
-
Consider your school (university or college) as a production system in which the final product is a graduate. For this system: a. Define quality from the producers and customers perspectives. b....
-
Federal law creates a substantial tax credit for renewable energy projects by residents and businesses, called the energy investment tax credit (ITC). The amount of the ITC credit depends, according...
-
Write the program in c + + ?using include iostream and namespace and do not use global varients. Explain your code and use comments and write the code in simple terms to understand and easy to read....
-
In your project, explain your codes with comments. Without comments, your project will not be marked. This Project needs to be written in Java and on Android Studio Problem In this Project you are...
-
b . Using Nadam optimization and early stopping, train the network on the CIFAR 1 0 dataset. You can load it with keras.datasets.cifar 1 0 . load _ data ( ) . The dataset is composed of 6 0 , 0 0 0 3...
-
+T buelitsleaming.com/ContentArea/Content.aspaLocationD783108Location ty Home Courses Groups Calendar Support BAU BAUGO Mare SEN2211 (1-3 & 901... ring Type-1&lement0-3756165 Overview Plans Resources...
-
A simple pendulum has a length of 5 2 . 5 cm and makes 8 1 . 2 complete oscillations in 2 . 0 0 min. The period of the pendulum is 1 . 4 8 seconds. The value of g at the location of the pendulum is 9...
-
Q.1 A tie bar in a wide and 20 mm bridge consists of flat 350mm thick. It is connected to a gusset plate of the same thickness by a double cover but joint. Design an economical joint if the...
-
The following cost information was provided to you for analysis: September 12,000 Units Produced Costs: TIC TAC TOE TING August 10,000 P80,000 70.000 60.000 50,000 How much is the fixed cost per...
-
On December 30, 20X5, the statements of financial position of the Perk Company and the Scent Company are as follows: For both companies, the fair values of their identifiable assets and liabilities...
-
On January 4, 20X7, Pradeesh Corp. acquired 100% of the outstanding common shares of Serena Inc. by a share- for- share exchange of its own shares valued at $ 1,000,000 (P3 8). The statements of...
-
Qorp Ltd. has the following SFP at December 31, 20X5. Qorp Ltd. Statement of Financial Position December 31, 20X5 On January 1, 20X6, Zip Ltd., whose assets are composed entirely of share investments...
-
What are some reasons a potential prospect might not be readily accessible? How far should you go to try to overcome such an accessibility problem before you move to the next lead?
-
List three or four criteria you could use to qualify a lead as a likely prospect. How would you find out if the lead meets these criteria?
-
Who is currently in your own network that you could use for prospecting? How might you add to your network?
Study smarter with the SolutionInn App