ABC Corporation, a calendar-year C corporation, sold several business-use assets during the current year. Information regarding the
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ABC Corporation, a calendar-year C corporation, sold several business-use assets during the current year. Information regarding the asset sales is provided below. The company purchased these assets more than one year ago. The building and warehouse were depreciated using the straight-line method.
In the table below, enter the following: 1. amounts of recognized gain(loss); 2. Section 1245 and 1250 recapture; and 3. Section 1231 gain (loss) for each asset sold during the year. Enter gains as positive amounts and losses as negative amounts. If a response is zero, enter a zero (0).
Asset Item | Sellling Price | Cost | Accumulated Depreciation | Recognized Gain (Loss) | Section 1245 Recapture | Section 1250 Recapture | Section 1231 Gain (Loss) |
Office furniture | 6,500 | 7,000 | 4,400 | ||||
Equipment | 4,900 | 4,000 | 3,200 | ||||
Building | 75,000 | 102,000 | 23,000 | ||||
Warehouse | 60,000 | 75,000 | 30,000 | ||||
Land | 33,600 | 30,000 | 0 | ||||
Computers | 3,500 | 20,000 | 8,000 |
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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