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scoray [572]
4 years ago
6

On June 1, 2018, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cos

t basis of $22,000, has a 5-year recovery period.. How much depreciation should be taken for 2018, assuming Cork Oak Corporation uses the accelerated depreciation method under MACRS but does not choose to make the election to expense or take bonus depreciation?
Business
1 answer:
lubasha [3.4K]4 years ago
5 0

Answer:

=$ 4400

Explanation:

Under the Macrs depreciation schedule, motor vehicles as assets have a useful life of 5 years. In the first year, the deprecation rate id 20%, followed by 32% in the second year.

For cork oak corporation: the value of the motor vehicle is 22,000

Date of purchase 2018, years in depreciation: 1

Depreciation: = 20/100 x 22 000

  =$ 4400

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I would use survey research to determine the general opinion, positive or negative, on the feature from the general public.  

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I would design a focus group survey with a series of questions where participants can choose from a range, 0-5, on how much they agree with a certain statement.

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$440,140

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According to the accounting principle, the inventory should be valued at lower of cost or market value. The calculation is shown below:

                      Cost                   Market             Lower value

Small             $68,650           $56,490              $56,490

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Large            $146,510          $177,300               $146,510

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