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Blossom Manufacturing purchased a machine on January 1, 2020 for use in its factory. Blossom paid $660,000 for the machine and estimated that it had a useful life of 10 years, at the end of which time the machine was expected to have a residual value of $30,000. During its life, the machine was expected to produce 360,000 units. During 2020, the machine produced 38,900 units, and produced 54,800 in 2021. The machine was subject to a 20% CCA rate, and Blossom's year-end was December 31.
Problem 1: What is the annual depreciation amount for 2020 and 2021 under the straight-line method.
Problem 2: What is the annual depreciation amount for 2020 and 2021 under the activity method.
Problem 3: What is the annual depreciation amount for 2020 and 2021 under the double-declining balance method.
Problem 4: What is the annual depreciation amount for 2020 and 2021 under the capital cost allowance method.
The building has an FMV of $45,000, an adjusted basis of $30,000, and is secured by a $35,000 nonrecourse mortgage that the business LLC will assume. Illustrate what is Brett's outside tax basis in his LLC interest?
Calculate the cost of goods sold for jewelry and watches for September and October - calculate a purchases budget, in dollars, for each product for the month of September.
What is the worth of Jay's account at age 60 when the annual interest rate on Jay's account is 4% per year? Start saving for retirement immediately
You deposit this into an account that pays 9.25% interest compounded annually? How old will you be when the account has the target amount?
Marco Corporation purchased equipment costing $300,000 on September 1, 2014. The equipment has an estimated useful life of nine (9) years with an estimated salvage of $10,000. Marco has a December 31 year-end. Calculate the following, showing all of ..
Suppose Japanese yen money market annual rate is .60 % and US money market an annual rate of 4.50 %.
Find What dollar intrinsic value should Melanie place of bond. Melanie Gibson places a nominal annual required rate of return of 14 percent on these bonds.
At what amount should Johnstone record the lease liability on January 1, 2021, before any lease payments are made
Mr Chan, one of the owners of Flyfli took $500 from the company's cash account and instructed the accountant to record it as an expense.
On January 1, 2016, Learned, Inc., issued $70 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semi-annually each June 30 and December 31 and mature on December 31, 2035. Assume instead..
DSSS Corporation is considering a new project to manufacture widgets. The cost of the manufacturing equipment is $125,000. The cost of shipping and installation is an additional $10,000. The asset will fall into the 3-year MACRS class. The year 1- 4 ..
Create a contribution margin format income statement
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