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the question is in the part that says required in bold at the bottom Mary Smith owns Scrap Happy a scrapbooking business where she makes

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the question is in the part that says required in bold at the bottom
Mary Smith owns Scrap Happy a scrapbooking business where she makes scrapbooks for people all over the world in a building she owns in Lisbon, Maine. She files as a Schedule C. She has decided to upgrade some of her equipment to computerized scrabbooking equipment to be more productive and efficient. In addition, she has sold her current building in Lisbon and has relocated to rented space in downtown Lewiston. Because of this decision she has entered into the following transactions during 2020: Sold a machine used to make cut-out's for $8,000 cash on 8/17/20. She originally bought the machine for $15,000 on 6/2/17. (7 year life, HY convention, No Sec 179 or Bonus taken). Sold her old laser printer/copy machine for $7,900 cash on 3/21/20. The machine was originally acquired for $9,000 on 10/20/19. (5 year life, HY convention, No Sec. 179 or Bonus Taken) Sold 250 shares of ABC Corp. stock which were acquired on 8/13/19 for $12,000. The shares were sold on 7/28/20 for $15,230. Sold an office building for $120,000 cash on 4/1/20. The building was originally purchased on 10/12/15 for $85,000 (Midmonth 39 Year). Selling costs Mary incurred to sell the building were $4,250. Sold land being held for investment for $28.000 cash on 4/18/20. The land was bought for $32,000 on 2/11/18. Sold 80 shares of DEF Corp. stock which were acquired on 9/8/10 for $2,100. The shares were sold on 12/11/20 for $2,750. Uncrecaptured Sec 1231 loss incurred in 2018 = $2,150. Acquired the following new assets and placed in service in the new Lewiston space on 5/1/20 o New computerized machine for cut-out. Purchase price plus installation was $20,000. (7 year life, HY convention, Elected to take bonus depreciation, no Sec 179) o New printer/copier. Purchase price $35,000 (5 year life, HY Convention, Elected out of bonus depreciation, no Sec 179) Required: (1) Prepare a workpaper in Excel which shows the following for each item above: Calculation of depreciation for each asset and accumulated depreciation. Calculation of the amount of realized gain or loss Character of the gain or loss (i.e. ordinary, STCG, LTCG, $1231, $1245, $1250, etc.) Netting of all the gains and losses to come out with the totals for . each type. Mary Smith owns Scrap Happy a scrapbooking business where she makes scrapbooks for people all over the world in a building she owns in Lisbon, Maine. She files as a Schedule C. She has decided to upgrade some of her equipment to computerized scrabbooking equipment to be more productive and efficient. In addition, she has sold her current building in Lisbon and has relocated to rented space in downtown Lewiston. Because of this decision she has entered into the following transactions during 2020: Sold a machine used to make cut-out's for $8,000 cash on 8/17/20. She originally bought the machine for $15,000 on 6/2/17. (7 year life, HY convention, No Sec 179 or Bonus taken). Sold her old laser printer/copy machine for $7,900 cash on 3/21/20. The machine was originally acquired for $9,000 on 10/20/19. (5 year life, HY convention, No Sec. 179 or Bonus Taken) Sold 250 shares of ABC Corp. stock which were acquired on 8/13/19 for $12,000. The shares were sold on 7/28/20 for $15,230. Sold an office building for $120,000 cash on 4/1/20. The building was originally purchased on 10/12/15 for $85,000 (Midmonth 39 Year). Selling costs Mary incurred to sell the building were $4,250. Sold land being held for investment for $28.000 cash on 4/18/20. The land was bought for $32,000 on 2/11/18. Sold 80 shares of DEF Corp. stock which were acquired on 9/8/10 for $2,100. The shares were sold on 12/11/20 for $2,750. Uncrecaptured Sec 1231 loss incurred in 2018 = $2,150. Acquired the following new assets and placed in service in the new Lewiston space on 5/1/20 o New computerized machine for cut-out. Purchase price plus installation was $20,000. (7 year life, HY convention, Elected to take bonus depreciation, no Sec 179) o New printer/copier. Purchase price $35,000 (5 year life, HY Convention, Elected out of bonus depreciation, no Sec 179) Required: (1) Prepare a workpaper in Excel which shows the following for each item above: Calculation of depreciation for each asset and accumulated depreciation. Calculation of the amount of realized gain or loss Character of the gain or loss (i.e. ordinary, STCG, LTCG, $1231, $1245, $1250, etc.) Netting of all the gains and losses to come out with the totals for . each type

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