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Question - The Beauty Clinic purchased a new surgical laser for $120,000. The estimated residual value is $4,000. The laser has a useful life of five years and the clinic expects to use it 10,000 hours. It was used 1,600 hours in year 1; 2,200 hours in year 2; 2,400 hours in year 3; 1,800 hours in year 4; 2,000 hours in year 5.
The Beauty Clinic is doing significant work to maintain a competitive position in its market by always using the most recent technology for its equipment. It is not sure whether it should capitalize these costs or expense them. What do you think it should do? What are the implications for current-year net income and for future years of expensing versus capitalizing these costs?
Record the transactions and the balance day adjustment in the general journal provided. Note: GST needs to be accounted for and narrations are not required
Watch this video on Bad Debts (Allowance Method, Direct Write Off) and discuss the primary advantages and disadvantages of applying the direct write-off.
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At the time of the accident, it was worth $14,000 and Alicia had taken $2,000 of depreciation. After the accident, it was worth $5,000. The car was not insured. If Alicia's AGI is $15,000 (before considering the loss), determine her itemized deduc..
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