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Events related to the acquisition, use, and disposal of a tangible plant asset: straight-line depreciation.
CJ's Pizza purchased a delivery van on January 1, 2011, for $25,000. In addition, CJ's paid sales tax and title fees of $1,000 for the van. The van is expected to have a four-year life and a salvage value of $6,000.
a. Using the straight-line method, compute the depreciation expense for 2011 and 2012.
b. Prepare the general journal entry to record the 2011 depreciation.
c. Assume the van was sold on January 1, 2014, for $12,000. Prepare the journal entry for the sale of the van in 2014.
How would the science museum's net income be impacted if the order were accepted?
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Compare and contrast GAAP and income tax accounting. Describe how they are similar and why there are differences.
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Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
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