Q.

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This year, QIO Company generated $192,400 income from its routine business operations. In addition, it sold the following assets, all of which were held for more than 12 months. Compute QIO's taxable income. 2 months. Compute Initial Basis Acc. Depr.* Sale Price Computer equipment $22,400 18,600 $4,500 Construction equipment 175,000 121,700 50,000 Furniture 6,000 1,500 4,750 Transportation equipment 83,20026,00055,000 * Through date of sale. This year, QIO Company generated $192,400 income from its routine business operations. In addition, it sold the following assets, all of which were held for more than 12 months. Compute QIO's taxable income. 2 months. Compute Initial Basis Acc. Depr.* Sale Price Computer equipment $22,400 18,600 $4,500 Construction equipment 175,000 121,700 50,000 Furniture 6,000 1,500 4,750 Transportation equipment 83,20026,00055,000 * Through date of sale