Answer:
December 31, year 9
Explanation:
Here, we want to state that date that is possible for Milo to acquire qualified replacement property.
In order to avoid being taxed on a gain resulting from an involuntary conversion, the property subject to the conversion must be replaced within a specified time, measured from the end of the calendar year in which the proceeds are received.
Generally, the period is 2 years, but it is 3 years when the involuntary conversion results from government condemnation or eminent domain and is extended to 4 years when the loss is in connection with a declared federal disaster area.
We are told from the question that Milo received the recovery on January 2, Year 5, the property would have to be replaced within 4 years from the end of Year 5 or by December 31, Year 9
Yes the answer is ymb=x your welcome
Answer:
Correct answer is letter D, $11,000 cost, five-year life and $1,000 salvage value
Explanation:
To compute depreciation expense of an asset using straight-line method of depreciation, the information we needed is 3,
1. cost of an asset
2. life of an asset (in year)
3. residual value (if available)
<em>* residual value of an asset is to be determined by the company, some asset don't have scrap value assigned.</em>
<em />
<em>FORMULA </em>
<em>The difference between the cost of an asset and the expected residual value over the number of years it is expected to be useful.</em>
<em>(cost of an asset - residual value ) / life of an asset</em>
Answer:hi
Explanation:
The format for the equation of a circle is (x-h)^2+(y-k)^2=r^2, where (h,k) is your center and r is your radius. All we have to do is substitute the correct values, giving us the equation (x+2)^2+(y-1)^2=4
Answer:
<em>It will recognize 1,333.33 Depreciaton expense</em>
<em>for December 31th, year 1</em>
Explanation:
The straight-line Method is simply and easy to understand, It distribute the depreciation equally between years. So that implies that the formula should be:
(23,000 - 3,000) / 5 = 20,000 / 5 = 4,000
Now we have to calculate the proportion
4,000 x 4/12 time in company's possesion = 1,333.33 depreciation
September + October + Novemember + December = 4 months
