Lynn Construction Company had a gross income of $153,000 in tax-year one, $50,000 in salaries, $30,000 in wages, $8000 in depreciation expenses, a loan principal payment of $2,000 and a loan interest payment of $2,100. Create an Income Statement and determine the net income of the company in tax-year one. Hint: Create a category for the Cost of Goods Sold and use the following tax bracket IT 7500 + 0.25* (TI 50000) Where: IT Income Tax TI Taxable Income INCOME STATEMENT Gross Income 153,000 Expenses: Cost of Goods Sold 80,000 8,000 Depreciation Interest 90,100 2,100 Expenses Taxable 62,900 Income Income Tax 10,725 Net Income 52,175 Save and Save All Answers EN o search Consider a seven-year MACRS asset that was purchased at $72,000. Compute the gain or loss amounts if the asset were disposed of in year four with a salvage value of $20,000 Oa Loss of $12,782 b. Ob Loss of $6,990 OC Gain of $14,224 Od Gain of $11,883 QUESTION 12 5 points Save Ans Consider a seven-year MACRS asset that was purchased at $72,000 Compute the gain or loss amounts if the asset were disposed of in year five with a salvage value of $13.000 Oa Loss of $2,600 Ob Loss of $4,278 OC Loss of $6,278 Loss of $4,556 5 points QUESTION 13 Save Answ Consider a seven-year MACRS asset that was purchased at $72.000 Compute the gain or loss amounts if the asset were disposed of in year eight with a salvage value of $6,000. Save All Answers Save and Subm 1:E ENG to search 11/2 Lynn Construction Company had a gross income of $153,000 in tax-year one, $50,000 in salaries, $30,000 in wages, $8000 in depreciation expenses, a loan principal payment of $2,000 and a loan interest payment of $2,100. Create an Income Statement and determine the net income of the company in tax-year one. Hint: Create a category for the Cost of Goods Sold and use the following tax bracket IT 7500 + 0.25* (TI 50000) Where: IT Income Tax TI Taxable Income INCOME STATEMENT Gross Income 153,000 Expenses: Cost of Goods Sold 80,000 8,000 Depreciation Interest 90,100 2,100 Expenses Taxable 62,900 Income Income Tax 10,725 Net Income 52,175 Save and Save All Answers EN o search Consider a seven-year MACRS asset that was purchased at $72,000. Compute the gain or loss amounts if the asset were disposed of in year four with a salvage value of $20,000 Oa Loss of $12,782 b. Ob Loss of $6,990 OC Gain of $14,224 Od Gain of $11,883 QUESTION 12 5 points Save Ans Consider a seven-year MACRS asset that was purchased at $72,000 Compute the gain or loss amounts if the asset were disposed of in year five with a salvage value of $13.000 Oa Loss of $2,600 Ob Loss of $4,278 OC Loss of $6,278 Loss of $4,556 5 points QUESTION 13 Save Answ Consider a seven-year MACRS asset that was purchased at $72.000 Compute the gain or loss amounts if the asset were disposed of in year eight with a salvage value of $6,000. Save All Answers Save and Subm 1:E ENG to search 11/2