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Ratling [72]
3 years ago
13

Sweetpea Corporation sold a tiller that it used in its landscaping business. The tiller cost $5,000 and Sweetpea had taken $2,00

0 of depreciation deductions up to the time of sale. The corporation sold the tiller for $4,000 two years after it was purchased. What is Sweetpea's gain or loss
Business
1 answer:
astraxan [27]3 years ago
6 0

Answer:

Sweetpea have a gain of $1,000

Explanation:

When the depreciable property is sold, then the gain or loss will be computed to the extent on the difference among the selling price and the adjusted basis.

So, the adjusted basis will be

= Cost of the basis - Depreciation

= $5,000 - $2,000

= $3.000

Therefore,

Gain or Loss = Selling Price - Adjusted basis

                     = $4,000 - $3,000

                     = $1,000

Hence, it is a gain of $1,000.

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Answer:

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Explanation:

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Answer:

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Explanation:

By forecast,

June sales = 400 units

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Using the formula above, where p = production

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Answer:

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