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ser-zykov [4K]
2 years ago
6

This year Amy purchased $2,000 of equipment for use in her business.However, the machine was damaged in a traffic accident while

Amy was transporting the equipment to her business.Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation expense for the equipment.
a. After the accident, Amy had the choice of repairing the equipment for $1,800 or selling the equipment to a junk shop for $300.Amy sold the equipment.What amount can Amy deduct for the loss of the equipment?
b. After the accident, Amy repaired the equipment for $800.What amount can Amy deduct for the loss of the equipment?
c. After the accident, Amy could not replace the equipment so she had the equipment repaired for $2,300.What amount can Amy deduct for the loss of the equipment?
Business
1 answer:
Otrada [13]2 years ago
5 0

Answer:

a. After the accident, Amy had the choice of repairing the equipment for $1,800 or selling the equipment to a junk shop for $300.Amy sold the equipment.What amount can Amy deduct for the loss of the equipment?

Amy can deduct $2,000 - $300 = $1,700 as casualty loss. Casualty losses occur due to unexpected and sudden events that damage or destroy assets.

b. After the accident, Amy repaired the equipment for $800.What amount can Amy deduct for the loss of the equipment?

Amy can deduct $1,800 as casualty loss. She can deduct the lesser between the asset cost and the cost or repairing it.

c. After the accident, Amy could not replace the equipment so she had the equipment repaired for $2,300.What amount can Amy deduct for the loss of the equipment?

Amy can deduct $2,000 as casualty loss. She can deduct the lesser between the asset cost and the cost or repairing it.

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3 years ago
Graham Corp. has 1,000 cartons of oranges that were harvested at a cost of $30,400. The oranges can be sold as is for $36,400. T
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Answer:

c. $3,600

Explanation:

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Answer:

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Rational customers should purchase at the lowest possible price, that is the basic concept behind the law of supply and demand. A lower price should result in a higher quantity demanded.  

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