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Vadim26 [7]
3 years ago
9

Ethan's Eggroll House, a calendar year corporation, purchased a new computer and printer in January for $1,500. In February, the

business purchased a new oven for $1,200. No other assets were purchased during the year. How much depreciation will be taken on these items in the current year if the taxpayer does NOT elect to use Section 179 and does NOT use bonus depreciation?A. $300 computer; $171 ovenB. $525 computer; $300 ovenC. $375 computer; $300 ovenD. $300 computer; $240 ovenE. $525 computer; $420 ovenF. $214 computer; $171 oven
Business
1 answer:
eduard3 years ago
6 0

Answer: The answer is D $300 computer, $240 oven

Explanation:

According to IRS tables on the calculation of depreciation on computer and oven, it is estimated that an asset such as computer will have a depreciation useful life of 5 years

Therefore since computer cost and printer = $1,500, useful life = 5 year

Cost ÷ useful life

= 1,500 ÷ 5

= $300

For oven since the cost =$1,200, useful life = 5years

Cost ÷ useful life

= 1,200 ÷ 5

= $240

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Answer and Explanation:

a)

Journal entries

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Dr Investment in Distribution Transformers shares $ 400,000.00

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Cr Cash $900,000.00

Sept.30

Dr Cash ($400,000 x 8%/2) $ 16,200.00

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Oct.2

Dr Cash $ 425,000.00

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Dr Investment in M&D Corporation shares $1,400,000.00

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Dec.31

Dr Investment revenue receivable $ 30,000.00

Cr Investment revenue ($900,000 x 10% x 4/12) $ 30,000.00

Dec.31

Dr Investment revenue receivable $ 14,000.00

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Dec.31

Dr Fair value adjustment (calculated below) $ 10,000.00

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Gain on sale of investments $ 25,000.00

Statement of comprehensive income

Net unrealized holding gains and losses on investments $ 10,000.00

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Answer:

The labor cost per unit is lowest for China and is $0.40 per unit

Explanation:

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China            9          $2.00               18.00               45                 $0.40

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Montana

The labor cost per unit is lowest for China and is $0.40 per unit

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= 30,000 + 15,000

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