Alignment M26 Formatting 1 f Number B 1 Acc 3043 D E F G 2 Chapter 11 Homework H K 3 Summer 2021 4 5 Book 6 Asset No. Asset Descriptions 7 Date of Sale Date Acquired Proceeds 1 Building Adjusted Basis Gain/Loss) on Sale 07.01.20 8 2 Land 500,000 9 07.01.20 4 750,000 Computer Equipment 10 07.01.20 5 Software 10,000 07.01.20 11 7 Furniture & Fodures 5,500 07.01.20 12 7,500 13 14 Net Gain/(Loss) From Sale of Assets 15 16 17 Tax 18 Asset No. Asset Descriptions Ordinary Income Date of Sale Date Acquired Proceeds Adjusted Basis 19 Gain/Loss) on Sale 1 Building Recapture Capital 07.01.20 500,000 20 2 Land 07.01.20 750,000 21 4 Computer Equipment 07.01.20 10,000 22 5 Software 07.01.20 5,500 23 2 Furniture R Fixtures 07.01.20 7,500 24 25 Net Gain/(Loss) From Sale of Assets 26 27 28 Total 124 Gain/Loss 29 Total 1250 Gain/Loss 30 Not Gain/(Loss) From Sale of Assets HINT: The two green cells need to be the same number 31 32 33 34 35 36 Instructions Depreciation Schedule Schedule of Gains and Losses Ready Type here to search O RE D E F G H Honus Depreciation Beginning AD 300,000 2020 Depreciation 95,000 Ending AD 475.000 Date in Service 01.01.2016 01.01.2016 02 10 2017 02.10.2017 03.15.2018 04.15 2018 04.15 2019 07 20 2020 0721 2020 07 20 2020 07 25 2020 Basis 950.000 300,000 75,000 35,000 20,000 15.000 80,000 1,000,000 2500.000 30.000 27000 Lite 10 00 NIA 10.00 1000 10.00 10 00 10.00 10.00 10 00 10.00 10.00 22500 10,500 4000 3.000 8.000 7.500 2.500 2000 1,500 8000 100,000 250.000 3,000 2.700 30 000 14.000 6,000 4500 10,000 100 000 250.000 3.000 2.700 5,032,000 B 1 ACC 3043 2 Chapter 11 Homework 3 Summer 2021 4 5 6 Book 7 Asset No Asset Description 8 1 Building 9 2 Land 10 3 Furniture & Fuchs 11 4 Computer Equipment 12 Software 13 6 Landscaping 14 7 Furniture & Fixtures 15 8 Industrial Machine 16 9 Building 17 10 Computer Equipment 18 11 Furniture & Fixtures 19 20 Total 21 22 23 Tax 24 Asset No: Asset Description 25 1 Building 26 2 Land 27 3 Furniture & Fixtures 28 4 Computer Equipment 29 5 Software 30 6 Landscaping 31 7 Furniture & Futures 32 8 Industrial Machine 33 9 Building 10 Computer Equipment 35 11 Fumure & Fixtures 36 37Total 38 39 40 41 42 43 428,000 473 200 901200 Bonus Depreciation Beginning AD 96,425 2020. Devreciation 24 358 Ending AD 120,783 4,684 2016 Date in Service 01.01.2016 01.01.2016 02.10.2017 02.10.2017 03.15 2018 04.15.2018 04.15 2019 07 20 2020 0721 2020 07 20 2020 07 25 2020 Basis 950,000 300,000 75,000 35,000 20.000 15,000 B0,000 1.000.000 2,500,000 30 000 27,000 Life 3900 NIA 700 500 300 15.00 700 7.00 39.00 5.00 700 37,500 17.500 20,000 15 000 B0 000 1,000,000 58 601 29.960 20 000 15,000 H0 000 1,000,000 63.25 31.976 20 000 15.000 80,000 1.000.000 29.425 30 000 27 000 29429 30,000 27 000 30,000 27 000 1.227.000 1356006 60483 5,032,000 1417.450 45 46 47 Instructions Depreciation Schedule Schedule of Gains and Losses IUUU Paste [copy ~ Format Painter General > hili HO $ % ! 2 Number x D E Cul Arial 10 ' ' == 2 Wrap Text BIV A. Merge & Center Clipboard Font Alignment D24 for A B 1 Acc 3043 F G H 2 Chapter 11 Homework 3 Summer 2021 4 5 6 Instructions 7 Due Date 07 23.21 8 Possible Points 10 9 10 On the tab marked 'Schedule of Gains and Losses' complete the following steps. Use the depreciation 11 schedule provided to calculate the basis and accumulated depreciation for each asset disposed of Do not 12 edit the 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) 16 3 Calculate the depreciation recapture (if any) for each asset individually 17 4 Calculate the book to tax difference on the total gain or loss 18 19 20 Submit your completed excel file via Blackboard, 21 22 List group members, if any, here. 23 24 25 26
