Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Textbook Question
Chapter 8, Problem 7P
Calculate the following:
- The first year of
depreciation on a residential rental building costing $250,000 purchased June 2,2019. $_____________ - The second year (2020) of depreciation on a computer costing $5,000 purchased in May 2019, using the half-year convention and accelerated depreciation considering any bonus depreciation taken. $______________
- The first year of depreciation on a computer costing $2,800 purchased in May 2019, using the half-year convention and straight-line depreciation with no bonus depreciation. $______________
- The third year of depreciation on business furniture costing $10,000 purchased in March 2017, using the half-year convention and accelerated depreciation but no bonus depreciation. $______________
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Calculate The second year (2021) of depreciation on a computer costing $5,000 purchased in May 2020, using the half year convention and accelerated depreciation considering any bonus depreciation taken.
Suppose that a company purchases a computer to be used in the manufacturing
department at the beginning of 2019. The price paid is 4.800 TL. The useful life of the
computer is 4 years. Let's assume that the company employs accelerated method of
depreciation in annual terms. What would be the journal entry regarding the depreciation at
the end of 2019?
What if the company switches to the straight-line method at the beginning of 2020? What would be
the journal entry regarding the depreciation at the end of 2020 then?
Please help me with the following question.
b. The second year (2019) of depreciation on a computer costing $5,000 purchased in May 2018, using the half-year convention and accelerated depreciation considering any bonus depreciation taken.
Chapter 8 Solutions
Income Tax Fundamentals 2020
Ch. 8 - Alice purchases a rental house on August 22,2019,...Ch. 8 - An asset (not an automobile) put in service in...Ch. 8 - An asset (not an automobile) put in service in...Ch. 8 - James purchased office equipment for his business....Ch. 8 - Which of the following statements with respect to...Ch. 8 - Which of the following is not true about the MACRS...Ch. 8 - On July 20,2019, Kelli purchases office equipment...Ch. 8 - Which of the following is not considered a limit...Ch. 8 - In 2019, Ben purchases and places in service a new...Ch. 8 - In 2019, Ben purchases and places in service a new...
Ch. 8 - Prob. 11MCQCh. 8 - Prob. 12MCQCh. 8 - Prob. 13MCQCh. 8 - In 2019, Mary sells for $24,000 a machine used in...Ch. 8 - Prob. 15MCQCh. 8 - Prob. 16MCQCh. 8 - Virginia has business property that is stolen and...Ch. 8 - Pat sells land for $25,000 cash and a $75,000...Ch. 8 - Prob. 19MCQCh. 8 - Prob. 20MCQCh. 8 - Oscar owns a building that is destroyed in a...Ch. 8 - Prob. 22MCQCh. 8 - Prob. 1PCh. 8 - Prob. 2PCh. 8 - 3. Mike purchases a new heavy-duty truck (5-year...Ch. 8 - On March 8,2019, Holly purchased a residential...Ch. 8 - Prob. 5PCh. 8 - Prob. 6PCh. 8 - Calculate the following: The first year of...Ch. 8 - During 2019, William purchases the following...Ch. 8 - On February 2,2019, Alexandra purchases a personal...Ch. 8 - On September 14,2019, Jay purchased a passenger...Ch. 8 - Tom has a successful business with $100,000 of...Ch. 8 - Prob. 14PCh. 8 - Annie develops a successful tax practice. She...Ch. 8 - Prob. 18PCh. 8 - Prob. 19PCh. 8 - Prob. 20PCh. 8 - Prob. 21P
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