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ArbitrLikvidat [17]
2 years ago
8

Carl purchased an apartment complex for $2.6 million on March 17 of year 1. of the purchase price, $1,050,000 was attributable t

o the land the complex sits on. He also installed new furniture into half of the units at a cost of $75,000. What is Carl's allowable depreciation deduction for his real property for years 1 and 2? (Round your final answers to the nearest whole dollar amount.)
Business
1 answer:
Olin [163]2 years ago
8 0

Answer:

total depreciation year 1 = $71,358

total depreciation year 2 = $80,358

Explanation:

Land cannot be depreciated, therefore Carl can only depreciate the building's cost = $2,600,000 - $1,050,000 = $1,550,000

Rental property can be depreciated at a fixed rate of 3.636% per year during 27.5 years. Depreciation per year for the building = $56,358

Furniture on rental property can be depreciated on a 5 year basis using a MACRS table and half year convention:

depreciation year 1 = 20% x $75,000 = $15,000

depreciation year 2 = 32% x $75,000 = $24,000

total depreciation year 1 = $56,358 + $15,000 = $71,358

total depreciation year 2 = $56,358 + $24,000 = $80,358

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Your bank card has an APR of 18% and there is a 2% fee for cash advances. The bank starts charging interest on cash advances imm
Marina86 [1]

Answer:

$42

Explanation:

APR = 18% , month rate = 18%/12 = 1.5%

Fee for cash advance = 2%

Cash advance of the first day of month = $1,200

Finance charge = Cash advance * (Monthly rate + Advance cash fee)

Finance charge = $1,200*1.5% + $1,200*2%

Finance charge = $18 + $24

Finance charge = $42

So, the approximate total finance charge i will pay on this cash advance for the month is $42

4 0
2 years ago
A. Identify a profession b. In not more than 60 words, describe the "art" and "science" of such profession in (a).
zheka24 [161]

Answer:

Comedy as a Profession is a great example.

Explanation:

The science of it is related to the psychology of what makes people laugh.

If studied, one would realize that there are certain things that are bound to make people laugh (all things being equal). An example is when a person makes fun of themself to an audience.

To explain this, scientists have stated that it is inherent in humans to laugh at the misfortune of others. However, this is just a theory and does not explain why we laugh at other kinds of comedy.

A plausible explanation (which is more recent in the parlance of psychology) is that people also laugh when certain expectations are defied in a very witty manner.

As a professional stand-up comedian, knowing all the rules and tricks is just one part of the coin. Being able to, either by practice or repeated efforts during practice, internalize these principles, practice them and effectively use them is the artistic part of the picture.

There those who are gifted naturally with a principle thought process that elicits laughter from others, would be termed hilarious. However, to make a living out of comedy, one would need to fully understand the principles and practice to deliver them as naturally as possible.

Another paradigm to the art of comedy is that, it has to be very witty. Wit many times may come with an element of suprise... a new angle that was previously "unthought" of.

Cheers!

6 0
2 years ago
Micro Tech, Inc. made the following cash expenditures during current-year related to the development of a new technology which w
lilavasa [31]

Answer:

a.$348,000

Explanation:

Research & Development Cost=Materials and supplies+R&D Salaries+Consultant fees+purchase cost of equipment=38,000+120,000+50,000+140,000

=$348,000

3 0
3 years ago
What is likely to happen if a borrower is late on a payment for a credit card account?
liraira [26]
I would say that the last answer is the most likely to occur
6 0
3 years ago
Read 2 more answers
He following materials standards have been established for a particular product: Standard quantity per unit of output 4.2 meters
svet-max [94.6K]

Answer:

d. $6,120 U

Explanation:

Calculation to determine the materials price variance for the month

Using this formula

Materials price variance = (AQ × AP) – (AQ × SP)

Let plug in the formula

Materials price variance = $138,600 – (7,200 meters × $18.40 per meter)

Materials price variance = $138,600 – $132,480

Materials price variance = $6,120 U

Therefore Materials price variance is $6,120 U

6 0
3 years ago
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