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Question - Adam Smith is considering automating his pin factory with the purchase of a $475,000 machine. Shipping and installation would cost $5,000. Smith has calculated that automation would result in savings of $45,000 a year due to reduced scrap and $65,000 a year due to reduced labor costs. The machine has a useful life of 4 years and falls in the 3-year property class for MACRS depreciation purposes. The estimated final salvage value of the machine is $120,000. Compute the cost of this asset that, by law, may be written off over time for tax purposes?
a. $280,000
b. $380,000
c. $480,000
d. $580,000
Prepare a statement of retained earnings for Ashwood for the year ended December 31, 2007. Assume that only single period financial statements for 2007 are presented.
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Compute Myco ‘s basic earnings per share for the year ended December 31, 2013. Compute Myco's diluted earnings per share for the year ended December 31, 2013.
Todd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2013, Alpha has assets of $652,450 and liabilities of $206,170. Net income (or net loss) during 2014, assuming that a..
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