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I need help with a homework assignment. I can not figure out Depreciation expense and depletion line 18 for year 2022. Comprehensive Problem 1 -
I need help with a homework assignment. I can not figure out Depreciation expense and depletion line 18 for year 2022.
Comprehensive Problem 1 - Part 1: Taxpayer information, Form 1040, Schedules 1, 2, and 3, Schedule A, and Schedule B. Noah and Joan Arc's Tox Return Note: This problem is divided into three parts. You will need to complete some of the forme in the other parts in order to determine the amounts to be used on Form 1040. Some of the data information will be reproduced in the other parts for convenience. Noah and Joan Arc live with their family in Dayton, OH, Noah's Social Security number is 434-11-3311. Noah was bom on February 22, 1907, and Joan was born on July 1, 1988. Both enjoy qood health and cycsight. Noah awns and cperates a pet stare, and Joan is a firefighter for the city of Dayton. 1. The Arcs have two children, a son named Shem (Social 5ecurty number 599-01-2345), bom on March 21, 2015, and a daughter named Nora (Social Security number 554-32-2411), born on December 3, 2018. 2. Joan and Noah brought a folder of tax documents (see Forms W-2 and 1090). In addition, they received a Substitute 1099 Statement from Charlotte Squab Financial Services (located on a seporate tab) regardino their stock transactions for the year. 3. Noah's pet store is located at 1415 S. Pattersun Elvd, Davton, OH45409. The name of the sture is "The Arc" and its taxpayer identification number is 95-9876556. Since vou handle Noah's bookdeeping, you have printed the income statement from your Quidkonoks saftware, shown in the table below. average, Noah spends about two hours per week on the rental activity, The reverue and expenses for the vear are as follows: They wish to maximize the cost recovery on the new fixtures but make no electionsStep by Step Solution
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