Renata Corporation purchased equipment in 2019 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata
Question:
Renata Corporation purchased equipment in 2019 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2021 for $110,000. What is the amount and character of Renata’s gain or loss?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Answer Gain on sale if Equipment 13000 It is Short term Capital G...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
Question Posted:
Students also viewed these Business questions
-
Renata Corporation purchased equipment in 2017 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2019 for $110,000. What is the amount and...
-
Jacob purchased business equipment for $56,000 in 2016 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2019 for $26,000. What is the amount and character of Jacobs...
-
Mercury Inc. purchased equipment in 2019 at a cost of $400,000. The equipment was expected to produce 700,000 units over the next five years and have a residual value of $50,000. The equipment was...
-
A UK company has a trading loss of 50,000 for the year to 31 March 2021. During the year, the company receives overseas property income (net of 40% withholding tax) of 12,000. Show the corporation...
-
T-bone Pickens is a corporate raider. This means that he looks for companies that are not maximizing profits, buys them, and then tries to operate them at higher profits. T-bone is examining the...
-
Determine the shear strain γ xy at corners A and B if the plastic distorts as shown by the dashed lines. 12 mm 4 mm 8 mm 3 mm IB 300 mm 12 mm D. 400 mm- 5 mm
-
Fill in the Blank. If all the probability information of a stationary random process can be obtained from a single sample function, the process is said to be ___________.
-
The following descriptions relate to an independent CPA rm that includes among its audit clients municipalities, school districts, and not-for-prot organizations, all of which receive federal nancial...
-
A loan of 20,000 is repaid by a payment of X at the end of eachyear for 10 years. The loan has an annual effective interest rateof 11% for the first 5 years and 12% thereafter. Calculate X. Showthe...
-
A large telecommunications companys real estate holdings include more than 6 million square feet of property. To aid in its more than 400 real estaterelated transactions each year, the company...
-
Jacob purchased business equipment for $56,000 in 2018 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $26,000. What is the amount and character of Jacobs...
-
Several years ago Nicolas, a timber dealer, purchased a tract of land with a substantial stand of trees on it. The land cost $8,000, and the timber cost $250,000. On the first day of 2021, the timber...
-
Alpha purchases a hotel with 100 similar rooms. To help finance this purchase, Alpha sells these rooms to individual investors for $200,000 each. An investor that owns a single room receives 55% of...
-
Identify the research scenario, including the general area of focus. Develop a hypothetical research scenario that would necessitate the use of the Action Research Approach and a Posttest With a...
-
In a 4-by-4 Sudoku puzzle with one 2 -by-2 subsquare filled in as shown in Figure P1.5, how many ways are there to complete the puzzle? (In Sudoku, the digits 1, 2, 3, 4 must appear only once in each...
-
Briefly discuss the strengths and limitations associated with this approach and the specific design . Develop a hypothetical research scenario that would necessitate the use of the Action Research...
-
Discuss the sampling strategy and technique to be used. Develop a hypothetical research scenario that would necessitate the use of the Action Research Approach and a Posttest With a Historical...
-
Determine if the mixed method aspect is concurrent, sequential,, or nested. Develop a hypothetical research scenario that would necessitate the use of the Mixed Method A-B-A Design. The research will...
-
Use the rank sum test to analyze the data set in Figure 9.20 concerning Example 51 on acrophobia treatments. Let population A be with the standard treatment and population B be with the new...
-
QUESTION 9 HC-O-C-R R-C-O-CH HC-O-P-O-CH-CH-NH3* O || O a. Phosphatidic acid, Serine O b. Lysophosphatidic acid, Serine, Free FA O c. Lysophosphatidylserine, Free FA O d. 2 Free FAs, Serine, Glycerol...
-
self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,500 to a deductible IRA. Their itemized deductions total $13,000. Compute Parts a,...
-
Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home mortgage interest of $3,000, property taxes of $2,000. and miscellaneous itemized deductions of...
-
Debbie is 23 years old, a full-time student and a dependent of her parents. She earns $4,200 working part-time and receives $2,200 interest on savings. She saves both the salary and interest. What is...
-
What is the balance in Work in Process Inventory at the end of each month? Work in Process Inventory April 30 $ May 31 A 10,140 15,950 June 30 $ 10,450
-
Sako Company s Audio Division produces a speaker used by manufacturers of various audio products. Sales and cost data on the speaker follow: Selling price per unit on the intermediate market $ 6 0...
-
Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 Sales Variable expenses Contribution margin Fixed expenses...
Study smarter with the SolutionInn App