10 On the tab marked 'Schedule of Gains and Losses' complete the following steps. Use the depreciation schedule 11 provided to calculate the basis and accumulated depreciation for each asset disposed of. Do not edit the 12 information in the depreciation schedule tab. 13 14 1 For both book and tax purposes, calculate the realized gain or loss for each asset individually 15 2 Calcuate the total 1245 gain/(loss) and the total 1250 gain/(loss) 3 Calculate the depreciation recapture (if any) for each asset individually 4 Calculate the book to tax difference on the total gain or loss Bonus Depreciation Beginning A/D 475,000 2021 Depreciation 95 000 Ending A/D 570.000 Book Asset No. 1 2 0 4 5 2 7 3 4 15 Total 16 Asset Description Building Land Computer Equipment Software Furniture & Fixtures Date in Service 01.01.2016 01.01.2016 02.10.2017 03.15.2018 04.15.2019 Basis 950.000 300,000 35,000 20.000 80.000 Life 10.00 N/A 10.00 10.00 10.00 14,000 6.000 16.000 3,500 2.000 8,000 17.500 8.000 24,000 1,385,000 511,000 108,500 619,500 Life Bonus Depreciation Beginning A/D 120,840 39.00 2021 Depreciation 24,358 Ending A/D 145,198 18 Tax 19 Asset No. 20 1 21 2 22 4 23 5 24 7 25 26 27 Total 28 29 Asset Description Building Land Computer Equipment Software Furniture & Fixtures Date in Service 01.01.2016 01.01.2016 02.10.2017 03.15.2018 04.15.2019 Basis 950.000 300,000 35,000 20.000 80,000 N/A 5100 3.00 7.00 2,016 17.500 20,000 80,000 31,976 20,000 80.000 33,992 20,000 80,000 1,385.000 117.500 252,816 26.374 279.190 TO Book Asset No. Adjusted Basis Gain/(Loss) on Sale 1 Date of Sale Date Acquired 07.01.21 07.01.21 2. Asset Descriptions Building Land Computer Equipment Software Furniture & Fixtures Proceeds 500,000 750,000 10,000 5,500 7,500 4 07.01.21 5 07.01.21 7 07.01.21 Net Gain/(Loss) From Sale of Assets Tax Ordinary Income Recapture Capital Gain/(Loss) on Sale Adjusted Basis Asset No. 1 2 Asset Descriptions Building Land Computer Equipment Software Furniture & Fixtures Date of Sale Date Acquired Proceeds 07.01.21 500,000 07.01.21 750,000 07.01.21 10,000 07.01.21 5,500 07.01.21 7,500 4 LO 7 Net Gain/(Loss) From Sale of Assets Total 1245 Gain/Loss Total 1250 Gain/Loss Net Gain/(Loss) From Sale of Assets HINT: The two green cells need to be the same number