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Based on the following information:
Married couple- $250,000 per year income from W-2 form.Ages 45 and 42, no children.
In addition to the W-2 income they own a business (S-Corporation) and typically see about $100,000 in dividends each year (total between the two of them).
They are looking at the following options from a capital budget perspective (NOTE: they can only choose one):
Problem 1: How would you create:
This year the company purchased a service vehicle on November 11, for $49,000. The vehicle has a useful life of 7 years or 140,000 miles with a residual value of $7,000. The company is unsure whether to use Straight Line or Units of Production Method
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Lara Co. traded its old computer for a new model. The following information is pertinent to this transaction: How much loss should Lara immediately recognize on this trade-in?
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