You acquire a grinder priced at $65,000 by trading in a similar grinder and paying cash for
Question:
You acquire a grinder priced at $65,000 by trading in a similar grinder and paying cash for the remaining balance. Assuming that the trade‐in allowance is $11,000 and the book value of the asset traded in is $12,000, what is the cost basis of the new grinder for the computation of depreciation for tax purposes?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Tradein allowance Old grinder Book value 12000 les...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
You purchased a new molding machine for $155,000 by trading in a similar machine that had a book value of $18,000. Assuming that the tradein allowance was $20,000 and that $85,000 cash was paid for...
-
Blake Matthews incorporated his paper manufacturing operations on January 1, 2011, by issuing 5,000 shares of $1 par common stock to himself. The following balance sheet for the new corporation was...
-
Lane Peterson incorporated his concrete manufacturing operations on January 1, 2008, by issuing 10,000 shares of $1 par common stock to himself. The following balance sheet for the new corporation...
-
Convex Mechanical Supplies produces a product with the following costs as of July 1, 2012: Material ............................... $ 6 Labor .................................. 4 Overhead...
-
A crow is flying horizontally with a constant speed of 2.70 m/s when it releases a clam from its beak (FIGURE 4-20). The clam lands on the rocky beach 2.10 s later. Just before the clam lands, what...
-
Construct truth tables for the symbolic statement. [p ( q ~ r)] (p ~ q)
-
Bastille Corporation produces two grades of wine from grapes that it buys from California growers. It produces and sells roughly 3,000,000 liters per year of a low-cost, high-volume product called...
-
A violin string has a length of 0.350 m and is tuned to concert G, with fG = 392 Hz. Where must the violinist place her finger to play concert A, with fA = 440 Hz? If this position is to remain...
-
The capital of the company is made up of $50,000 ordinary shares, $55,000 preference shares, $35,000 debentures and $40,000 reserves. During the year, it makes a profit of $9,000 after all interest...
-
Bindley Corporation has a one- year contract to supply motors for all washing machines produced by Rinso Ltd. Rinso manufactures the washers at four locations around the country: New York, Fort...
-
To automate one of its production processes, Milwaukee Corporation bought three flexible manufacturing cells at a price of $400,000 each. When they were delivered, Milwaukee paid freight charges of...
-
Nelson Company purchased equipment and incurred the following costs: Cash price = $55,000 Sales taxes = $4,400 Insurance during transit = $400 Site preparation, installation, and testing = $2,300...
-
Standing at rest in the Earth reference frame, you observe two events, also at rest in that reference frame, occurring at these coordinates: event 1: \(x_{1}=10 \mathrm{~km}, y_{1}=5.0...
-
Write a C++ program (with two arrays) to: 1. Read up to 100 student numbers and test scores from the keyboard (provide a method to end the input before reaching 100 records); 2. Display the student...
-
Each General Electronics manufactures microchips in large quantities. microchip undergoes assembly and testing. The total assembly costs during January 2006 were: 1. Direct materials used Conversion...
-
20. What is the output of this program? import java.io.IOException; public class Derived { public void getDetails() throws IOException { System.out.println("Derived class"); } } public class Test...
-
19. What is the output of following program? public class Test implements Runnable { public void run() { } System.out.printf("GFG "); public static void main(String[] args) throws...
-
Show the contents of the CPU registers after the execution of the following code (your answer must be in hexadecimal) mov mov push AX, 34ACH; all constants are hexadecimal numbers (letter H) BL, 73H...
-
Name the six business functions that comprise the value chain.
-
The age-old saying for investing is "buy low and sell high," but this is easier said than done. Investors who panic about falling prices sell their investments, which in turn lowers the price and...
-
Most sales forecasting is subject to some error (perhaps 5 to 10 percent). Should we then expect variations in sales performance of 5 to 10 percent above or below quota? If so, how should we treat...
-
Why is there controversy between the advocates of the full-cost and the contribution-margin approaches to cost analysis?
-
The June profit and loss statement for the Browning Company is shown. If competitive conditions make price increases impossible and management has cut costs as much as possible, should the Browning...
-
Gross investment is Question 7 options: what is left over from total new private investment after depreciation. the total amount of private investment purchases, whether new or previously-existing....
-
Which of the following statements are incorrect with respect to the inventory observation? Group of answer choices When a client has many inventory locations, auditors ordinarily need not be present...
-
A target return objective can be described as Blank______. Multiple choice question. giving up immediate profits for long-term gain a target set for a short period of time, say one year setting the...
Study smarter with the SolutionInn App