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Mickey Mouse Corp, a company that makes all your dreams come true, purchased machinery on January 1, 2016 at a price of $100,000. The company also paid $3,400 of freight-in to have the machine delivered to its manufacturing center, $5,500 of insurance while the machine was in transit, and $4,000 to have the machine installed. On January 1, 2016, Mickey Mouse estimated that the machine would last for 10 years, have a salvage value of $0 at the end of 10 years, and the company elected to use straight line depreciation. On December 31, 2017, after the company recorded the 2017 depreciation expense entry, the company believed the asset may be impaired, so it performed an impairment test. The company determined that the expected future net cash flows were $100,000 and the fair value was $60,000. What is the amount of impairment loss recorded by Mickey Mouse Corp during 2017?
Butterfly Tractors had $14 million in sales last year. Cost of goods sold was $8 million, depreciation expense was $2 million, interest payment on outstanding debt was $1 million, and the firm’s tax rate was 35 percent. What would happen to net incom..
The asset is sold at the end of 2008 for $130,800. What are tax aspects of this transaction for Mark Farris, a 60% owner of the company?
Calculate the annual depreciation charge for each of the six years of the trucks life - Prepare the journal entries for the 2016 financial year.
Adjusted current earnings: $10,000, 17,000, 5,000. Find what are the ACE adjustments for each of the three years?
In 2015, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is
RPR, Inc., anticipates that 120,000 units of product K will be sold during May. Each unit of product K requires four units of raw material A. Actual inventories as of May 1 and budgeted inventories as of May 31 follow.
School company disposed of fully depreciated desks. The desks had a cost of 9000 and no residual value. Kingdom corporation sold equipment for 2000 cash. The original cost of the equipment was 23,800, accumulated depretiation up to the date of sale a..
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system:
Each unit requires 0.6 direct labor-hours and at a cost of $15.00 per direct labor hour. The workforce can be adjusted each quarter for the expected production level.
Which business entity’s owners are all not subject to self-employment tax on their respective share of the entity’s profits?
Jack Corporation had an E&P balance of $300,000. If the redemption qualifies under Sec. 303, how much taxable income will Junior recognize?
On December 31, 1999, after all adjusting journal entries are complete, Asset A has a book value of $196,000 as given above. Determine the cost of the machine.
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