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Dean manufacturing is planning to construct expanded facilities and will finance a portion of its new plant with proceeds from the sale of its current plant. To ensure that its operations will not be interrupted, Dean will sell its current plant and lease it back for the estimated 2 year construction pperiod of its new facilities. Deans current plant is estimated to have a useful life of 25 years. Dean bought the plant 9 years ago for $200,000 and the asset has an accumulated depreciation of $140,000. Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
2 years- 6% =1.83323years-6%=12.30325 years-6%=12.783
Dean uses GAAP On its December 31, year 10 financial statements Dean will defer Gain on the sale of its current plant in the amount of?
A) $290,000
B) $262,505
C) $27,495
D) $0
Millman Electronics will produce 60,000 stereos next year. Variable costs will equal 50% of sales, while fixed costs will total $120,000.
In 2011, Father sold land to Son for $150,000 cash and an installment note for $450,000 due in 2015. Father's basis was $240,000. In 2012, after paying $27,000 interest but nothing on the principal, Son sold the land for $600,000 cash. As a result..
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