Calculate the depreciation for this asset

Assignment Help Accounting Basics
Reference no: EM132999917

Question - Bramos Printing Company was founded in 2000 by Mr. Timken as a one-man-job printing firm in a small southwestern town. Shortly after its founding, the owner decided to concentrate on one specialty line of printing. Because of a high degree of technical proficiency, the company experienced a rapid growth. However, the company suffered from a competitive disadvantage in that the major market for this specialized output was in a metropolitan area over 300 miles away from the company's plant. For this reason, the owner, in 2012, decided to move nearer his primary market. He also decided to expand and modernize his facilities at the time of the move. After some investigation, an attractive site was found in a suburb of his primary market, and the move was made. The company purchased land for $200,000 in cash.

New Land - Calculate the cost that would go on the books for this purchase. Calculate the depreciation for this asset over its ENTIRE life (MACRS depreciation). Do not consider section 179 or bonus depreciation.

Reference no: EM132999917

Questions Cloud

Should the agency sell Mustangs and change the model : The annual cost of change is $ 240,000 with annual operating costs of $ 900,000. Should the agency sell Mustangs and change the model if the MARR is 15%
Prepare journal entries to record all of the events : The allotment money was received by 20 March 2020. Share issue costs of $3,500 were also paid on the same date. Prepare journal entries to record events
Predictive analytics techniques to the business problem : Outline a business industry problem that can be addressed through data analytics and Apply descriptive and predictive analytics techniques to the business
How is the accounting treatment different : How is the accounting treatment different? Calculate the depreciation expense for years 1 & 2 and the carrying amount of the truck in the balance sheet.
Calculate the depreciation for this asset : Calculate the depreciation for this asset over its ENTIRE life (MACRS depreciation). Do not consider section 179 or bonus depreciation
What does the yield to maturity of the bond depend on : What is the price of the bond today? What does the yield to maturity of the bond depend on? Green bonds are bonds issued by a company to fund renewable energy
What is the firm market share variance : What is the firm's market share variance. Gourmet Aroma Coffee House has exclusive contract with Columbia exporters. Two brands of gourmet coffee are imported
What are bond prices and yields doing : The points picked on the growth cycle are ? = 1.058 for Y1 before the peak and ? = 1.058 for Y2 after the peak. What are bond prices and yields doing
Determine the payment amount required : A loan of $1000 is to be repaid in three equal instalments. Determine the payment amount required in each period if p.a. is applied

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why should responsibility for related transaction be divided

Why should responsibility for related transactions be divided among different departments or individuals? Do you agree the transactions should be divided? Why or why not?

  What is mousers variable overhead efficiency variance

What is Mousers variable overhead efficiency variance

  The same lawyer representing a different client in a civil

the same lawyer representing a different client in a civil manner was victorious and will be receiving a contingent fee

  Show balance sheet presentation of the receivable accounts

Milton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end.

  Prepare the bank reconciliation for this company

On July 31, the company's Cash account has a $25,862 debit balance, Prepare the bank reconciliation for this company as of July 31, 2009

  Consequences and impacts of poor security policy

What do you think are some techniques a hospitality company could use to increase their network security? What do you think the consequences and impacts of a poor security policy or security plan have on a company?

  Compute net income for the first year

Alpaca Corporation had revenues of $290,000 in its first year of operations. Compute net income for the first year for Alpaca Corporation

  The bilello electric repair company as of june

Prepare a trial balance for the Bilello Electric Repair Company as of June 30, 2013, grouping together the asset, liability, equity, revenue, and expense accounts.

  What is abdo tax liability

Abdo Corporation received permission to change its tax year-end from December 31 to August 31 in 2010. What is Abdo's tax liability

  Which the minimum disclosures for investment in subsidiary

Which the minimum disclosures for an investment in subsidiary under PFRS#12 include all of the following, except? Name and address of the subsidiary

  Copy the incomplete spreadsheet

The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years.

  Indicate why a liability should or should not be recognized

Assuming Champion Incorporated follows IFRS, indicate (yes or no) whether the company should recognize a liability in its financial statements.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd