Compute regular MACRS depreciation for 2018 for an office building . The office building and land...
Compute regular MACRS depreciation for 2018 for an office building . The office building and land were purchased together in October 2015 for $1,200,000. Assume that the land comprises 20% if the total purchase (land and building) Assume $200,000 salvage value for land and building. show work
Homework Answers
Basis of building = 1,200,000 X 80% = 960,000
Depreciation for 2018 = 960,000 X 2.564% = 24,614.40
Add Answer to:
Compute regular MACRS depreciation for 2018 for an office
building . The office building and land...
*the office building is nonresidential* 3. MACRS. (Obj. 1) Florence placed in service the following properties duri...
*the office building is nonresidential*
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2018. Compute Florence's total depreciation expense for 2018 and 2019, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Machine Equipment Furniture Office building Date Placed in Service March 3, 2018 June 8, 2018 August 15, 2018 October 4, 2018 Cost...
Frank Investor purchased an office building (including land) for $2,000,000 and placed it in service on...
Frank Investor purchased an office building (including land) for $2,000,000 and placed it in service on June 27, 2019. The land is valued at $1,200,000, and the building is valued at $800,000. Frank depreciated the property under MACRS GDS. What is Frank’s depreciation deduction for 2019?
On March 31, 2018, Susquehanna Insurance purchased an office building for $14,400,000. Based on their relative...
On March 31, 2018, Susquehanna Insurance purchased an office building for $14,400,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to the building Furniture and fixtures were purchased separately from office equipment on the same date for $1,280,000 and $780,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of...
Check my work On March 31, 2018, Susquehanna Insurance purchased an office building for $10,800,000. Based...
Check my work On March 31, 2018, Susquehanna Insurance purchased an office building for $10,800,000. Based on their relative fair values, one third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,320,000 and $820,000, respectively. The company uses the straight-line method to depreciate its buildings and the double declining balance method to depreciate all other depreciable assets. The estimated useful...
Pitney Co. purchased an office building, land, and furniture for $747,600 cash. The appraised value of the assets was as...
Pitney Co. purchased an office building, land, and furniture for $747,600 cash. The appraised value of the assets was as follows: Land $ 92,104 Building 267,940 Furniture 477,268 Total $ 837,312 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model like the following one: c. Prepare the general journal entry to record the purchase.
6.On November 10 of year 1 Javier purchased a building, including the land it was on,...
6.On November 10 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,300,000; 20% was allocated to the basis of the land and the remaining 80% was allocated to the basis of the building. Using MACRS, what is Javier’s depreciation expense on the building for year 2? 7.On March 25 of year 1 Javier purchased an apartment building, including the land it was on....
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2019. Compute Florence's total...
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2019. Compute Florence's total depreciation expense for 2019 and 2020, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Cost Date Placed in Service Machine $130,000 March 3, 2018 Equipment 110,000 June 8, 2018 Furniture 48,000 August 15, 2018 Office building 200,000 October 4, 2018
A Company placed into service an apartment building in March, 2018 which costs $200,000. Using MACRS...
A Company placed into service an apartment building in March, 2018 which costs $200,000. Using MACRS show the depreciation for 2018, 2019 and 2020. Show the adjusted basis after the 2020 depreciation
Compute regualr MARCS depreciation for an apartment building (residential real estate) purchased in December, 2018 for...
Compute regualr MARCS depreciation for an apartment building (residential real estate) purchased in December, 2018 for $12,435,000. The building sits on leased property. Show work
Pitney Co. purchased an office building, land, and furniture for $692,200 cash. The appraised value of the assets was as...
Pitney Co. purchased an office building, land, and furniture for $692,200 cash. The appraised value of the assets was as follows: Land $ 131,795 Building 240,332 Furniture 403,137 Total $ 775,264 Required Compute the amount to be recorded on the books for each asset. Record the purchase in a horizontal statements model.
*the office building is nonresidential*
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2018. Compute Florence's total depreciation expense for 2018 and 2019, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Machine Equipment Furniture Office building Date Placed in Service March 3, 2018 June 8, 2018 August 15, 2018 October 4, 2018 Cost...
On March 31, 2018, Susquehanna Insurance purchased an office building for $14,400,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to the building Furniture and fixtures were purchased separately from office equipment on the same date for $1,280,000 and $780,000, respectively. The company uses the straight-line method to depreciate its buildings and the double-declining balance method to depreciate all other depreciable assets. The estimated useful lives and residual values of...
Check my work On March 31, 2018, Susquehanna Insurance purchased an office building for $10,800,000. Based on their relative fair values, one third of the purchase price was allocated to the land and two-thirds to the building. Furniture and fixtures were purchased separately from office equipment on the same date for $1,320,000 and $820,000, respectively. The company uses the straight-line method to depreciate its buildings and the double declining balance method to depreciate all other depreciable assets. The estimated useful...
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2019. Compute Florence's total depreciation expense for 2019 and 2020, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Cost Date Placed in Service Machine $130,000 March 3, 2018 Equipment 110,000 June 8, 2018 Furniture 48,000 August 15, 2018 Office building 200,000 October 4, 2018
Most questions answered within 3 hours.
-
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 36 minutes ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 35 minutes ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 40 minutes ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 50 minutes ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 1 hour ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 1 hour ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 1 hour ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 1 hour ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 1 hour ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 1 hour ago -
Imagine that a chemist puts 6.40 mol each of
C3H8 and O2 in a 1.00-L container...
asked 1 hour ago -
How much money should be invested today in order to have $8340
at the end of...
asked 1 hour ago