Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 05, 2024

John sold a piece of machinery for $35,000. Original cost basis is $100,000 and the 4 years of accumulated depreciation was $87,610. What is the

John sold a piece of machinery for $35,000. Original cost basis is $100,000 and the 4 years of accumulated depreciation was $87,610. What is the Section 1245 gain

Step by Step Solution

★★★★★

3.34 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the Section 1245 gain we first need to determine the adjusted basis of the machiner... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John J Wild, Ken Shaw

25th Edition

1260247988, 978-1260247985

More Books

Students also viewed these Accounting questions

Question

★★★★★

You are a principal at a middle school. A general education teacher has a student with a learning disability. The student requires specific testing accommodations that include having classroom tests...

Answered: 1 week ago

Question

★★★★★

Part 2 1. The following is a screenshot of ipconfig/all from my computer: C. Command Prompt Wireless LAN adapter Wi-Fi: Connection-specific DNS Suffix Description Physical Address. DHCP Enabled....

Answered: 1 week ago

Question

★★★★★

Gonzalez Co. is considering two new projects with the following net cash flows. The companys required rate of return on investments is 10%. a. Compute payback period for each project. Based on...

Answered: 1 week ago

Question

★★★★★

Dale and Roy formed a partnership early this year. Dale contributed $150,000 cash in exchange for a 50% interest in the partnership. Roy contributed land with a tax basis of $90,000, and a fair...

Answered: 1 week ago

Question

★★★★★

You are the chief accountant of Deighton plc, which manufactures a wide range of building and plumbing fittings. It has recently taken over a smaller unquoted competitor, Linton Ltd. Deighton is...

Answered: 1 week ago

Question

★★★★★

Create a useful dashboard for the data in the Excel file Restaurant Sales. Use appropriate charts and layouts and other visualization tools that help to convey the information. Explain why you chose...

Answered: 1 week ago

Question

★★★★★

Alcohol and drug use among student athletes

Answered: 1 week ago

Question

★★★★★

Refer to the information in QS. Assign costs to the assembly departments outputspecifically, the units transferred out to the painting department and the units that remain in process in the assembly...

Answered: 1 week ago

Question

★★★★★

A component product is presently being manufactured using equipment that is fully depreciated. With suitable annual overhauls and an upfront cost of $20,000, it can be used by the company for another...

Answered: 1 week ago

Question

★★★★★

Stan Barker opened Quik-Stop Market on January 3, 2017. The business is subject to FICA taxes. At the end of the first quarter of 2017, Barker, as president of the company, must file Form 941,...

Answered: 1 week ago

Question

★★★★★

Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, Number...

Answered: 1 week ago

Question

★★★★★

1 . Examine which database solution your organization is currently employing. Once this has been determined, interview ( where available ) the decision - maker for employing this application as a...

Answered: 1 week ago

Question

★★★★★

Tom, age 48, is advised by his family physician that he needs back surgery to correct a problem from his last back surgery. Since Tom is in a wheel chair, he needs his wife, Jean, to accompany him on...

Answered: 1 week ago

Question

★★★★★

The company named Canadian Shield will enter the market of China, Japan, and Germany; Please make an international business environmental Socio-Cultural analysis for China, Japan, and Germany in the...

Answered: 1 week ago

Question

★★★★★

Andretti Company has a single product called a Dak. The company normally produces and sells 88,000 Daks each year at a selling price of $56 per unit. The company's unit costs at this level of...

Answered: 1 week ago

Question

★★★★★

Now that you've explained it, your Events Manager at Hilton believes LEED is a good idea, but that becoming a Zero Carbon certified building is a better path to take. There are a number of strategies...

Answered: 1 week ago

Question

★★★★★

a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary. b. Compute net income for each company. Answer is...

Answered: 1 week ago

Question

★★★★★

A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.

Answered: 1 week ago

Question

★★★★★

Key comparative figures for Samsung, Apple, and Google follow. Required 1. Compute profit margin for Samsung, Apple, and Google. 2. Which company is least successful on the basis of profit margin? $...

Answered: 1 week ago

Question

★★★★★

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. Apr. 2. Nozomi invested $30,000 cash and computer equipment...

Answered: 1 week ago

Question

★★★★★

Refer to QS 10-7 and record the journal entries for equipment depreciation for the first year under straightline, units-of-production, and double-declining-balance. Data From QS 10-7 Equipment...

Answered: 1 week ago

Question

★★★★★

Prepare a cause-and-effect diagram to analyze why a machine has produced a defective part.

Answered: 1 week ago

Question

★★★★★

Suppose you are going to have a prescription filled at a local pharmacy'. Referring to the dimensions of service quality, for each dimension, give an example of how you would judge tire quality' of...

Answered: 1 week ago

Question

★★★★★

Visit http://www.theacsi.org, select two companies that you are familiar with, and look up their customer satisfaction indices. Do the indices agree with your knowledge of the quality of the products...

Answered: 1 week ago

Previous Question Next Question