Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please answer the highlighted areas (adjusted basis and gain/loss on sale. Book Asset No. Gain/(Loss) on Sale 1 2. Asset Descriptions Land Industrial Tooling Machine

image text in transcribed

image text in transcribed

please answer the highlighted areas (adjusted basis and gain/loss on sale.

Book Asset No. Gain/(Loss) on Sale 1 2. Asset Descriptions Land Industrial Tooling Machine Building Office Furniture Date of Sale 08.01.21 08.01.21 08.01.21 08.01.21 Proceeds 8,000,000 70,000 5,000,000 10,000 Adjusted Basis 8,000,000 425,000 3,950,000 512,500 6 7 (355,000) 1,050,000 (502,500) Net Gain/(Loss) From Sale of Assets 192,500.00 Adjusted Basis Gain/(Loss) on Sale Tax Asset No. 1 2 6 Asset Descriptions Land Industrial Tooling Machine Building Office Furniture 08.01.21 08.01.21 08.01.21 08.01.21 Proceeds 8,000,000 70,000 5,000,000 10,000 7 Net Gain/(Loss) From Sale of Assets 2021 Beginning A/D Bonus Depreciation Ending A/D 2021 Depreciation Book Asset No. Asset Description 1 Land 2 Industrial Tooling Machine 3 Iron Man Suite Mark 47.5 4 Iron Man Suite Mark 52 5 Nano Technology Machine 6 Building 7 Office Furniture 8. Quantum Generator 9 Parking Garage 10 Landscaping 11 Iron Man Suit Mark 55 12 Software 13 Computer Equipment 14 Land 15 Building 16 Spider Man Suite Mark 15.0 17 Quantum Equipment 18 Furniture & Fixtures 19 Computer Equipment Date In Service 01.01.2010 02.02.2017 05.15.2017 03.15.2018 03.15.2018 07.15.2018 10.16.2018 03.15.2019 07.01.2019 07.01.2019 08.15.2019 06.15.2020 06.15.2020 07.01.2020 10.01.2020 05.15.2021 05.15.2021 05.15.2021 05.15.2021 Basis 8,000,000.00 850,000.00 3,000,000.00 4,500,000.00 750,000.00 6,000,000.00 750,000.00 456,000.00 600,000.00 35,000.00 2,500,000.00 35,000.00 430,000.00 1,000,000.00 3,250,000.00 250,000.00 75,000.00 30,000.00 1,000,000.00 Life N/A 10.00 10.00 10.00 10.00 10.00 10.00 10.00 39.00 5.00 10.00 10.00 10.00 N/A 39.00 10.00 10.00 10.00 10.00 340,000.00 1,200,000.00 1,350,000.00 225,000.00 1,800,000.00 225,000.00 91,200.00 30,769.23 14,000.00 500,000.00 3,500.00 43,000.00 85,000.00 300,000.00 337,500.00 56,250.00 250,000.00 12,500.00 45,600.00 15,384.62 7,000.00 250,000.00 3,500.00 43,000.00 425,000.00 1,500,000.00 1,687,500.00 281,250.00 2,050,000.00 237,500.00 136,800.00 46,153.85 21,000.00 750,000.00 7,000.00 86,000.00 83,333.33 83,333.33 25,000.00 7,500.00 3,000.00 100,000.00 166,666.67 25,000.00 7,500.00 3,000.00 100,000.00 7,530,370.51 1,624,567.95 5,905,802.56 33,511,000.00 Total Ending A/D 2021 Depreciation Tax Beginning A/D Bonus Depreciation 425,000.00 1,500,000.00 WN Asset No. Asset Description 1 Land Industrial Tooling Machine Iron Man Suite Mark 47.5 4 Iron Man Suite Mark 52 5 Nano Technology Machine 6 Building 7 Office Furniture 8 Quantum Generator 9 Parking Garage 10 Landscaping 11 Iron Man Suit Mark 55 Date In Service 01.01.2010 02.02.2017 05.15.2017 03.15.2018 03.15.2018 07.15.2018 10.16.2018 03.15.2019 07.01.2019 07.01.2019 08.15.2019 2020 Basis 8,000,000.00 850,000.00 3,000,000.00 4,500,000.00 750,000.00 6,000,000.00 750,000.00 456,000.00 600,000.00 35,000.00 2,500,000.00 35,000.00 Life N/A 7.00 7.00 7.00 7.00 39.00 7.00 7.00 39.00 15.00 7.00 3.00 717,230.00 2,531,400.00 2,532,150.00 422,025.00 378,300.00 422,025.00 456,000.00 22,446.00 35,000.00 2,500,000.00 11,665.50 37,953.00 133,950.00 562,050.00 93,675.00 153,840.00 93,675.00 755,183.00 2,665,350.00 3,094,200.00 515,700.00 532,140.00 515,700.00 456,000.00 37,830.00 35,000.00 2,500,000.00 27,223.50 223,600.00 456,000.00 15,384.00 35,000.00 2,500,000.00 15,558.00 137,600.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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 W. Shaw, Barbara Chiappetta

20th Edition

1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870

Students also viewed these Accounting questions