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ikadub [295]
3 years ago
9

Item 3Item 3 Cutter Enterprises purchased equipment for $87,000 on January 1, 2018. The equipment is expected to have a five-yea

r life and a residual value of $4,800. Using the sum-of-the-years'-digits method, depreciation for 2018 and book value at December 31, 2018, would be
Business
1 answer:
Rus_ich [418]3 years ago
8 0

Answer:

$27,400 and $59,600

Explanation:

The computation of the depreciation expense and the book value using the sum of-the-years'-digits method is shown below:

Depreciation expense is

= (Purchase cost - residual value) × useful life ÷ sum of years

= ($87,000 - $4,800) × 5 years ÷ (5 + 4 + 3 + 2 + 1)

= $27,400

And, the book value is

= Purchase cost - depreciation expense

= $87,000 - $27,400

= $59,600

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7 0
1 year ago
Anthony is contemplating selling the bonds he holds prior to their date of maturity. Which of the following may result in Anthon
kipiarov [429]
His employing i dont know just guess and hope you get it right
7 0
3 years ago
Ford Corporation entered into a troubled debt restructuring agreement with their local bank. The bank agreed to accept land with
icang [17]

Answer:

The answer is: $225,000

Explanation:

Ford should include a total gain of $225,000 in its income statement.

That gain is the result of the difference between the carrying value of the asset (land) and the carrying value of the liability (debt note).

$425,000 - $200,000 = $225,000 as total gain

7 0
3 years ago
Adrian contributed an antique vase she had owned for 25 years to a museum. At the time of the donation, the vase had a value of
EastWind [94]

Answer:

How much may Adrian deduct?

This depends on whether the museum is private or not. If the museum belongs to a public charity or a university, then Adrian can deduct full fair market value = $35,000. Since Adrian's AGI is $80,000, she could donate up to $40,000 (half her AGI).

But if the museum is a private organization, then Adrian can deduct only her basis in the vase = $15,000

How would your answer to Part a change if, instead of displaying the vase, the museum sold the vase to an antique dealer?

Once you donate artwork, unless you strict prohibit the museum from selling it, then they can sell it and you cannot do anything about it. Some donors specific certain terms for their donations, e.g. artwork cannot be sold and it must be exhibited at least a certain amount of time, in certain places, etc. But if Adrian didn't include any clause on her donation, then whatever happens to the vase is up to the museum.

Currently, museums are less likely to accept restricted donations, unless of course the artwork is worth it.

4 0
3 years ago
A company has a minimum required rate of return of 8% and is considering investing in a project that costs $175,000 and is expec
Daniel [21]

Answer: $5,396.79

Explanation:

The net present value is value of the after tax cash flows from an investment minus the value of the amount invested.

The net present value can be found using a financial calculator.

Cash flow for year zero = $-175,000

Cash flow for each year from year 1 to year 3 = 70,000

I = 8%

NPV =$5,396.79

I hope my answer helps you

5 0
3 years ago
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