Apartment building 12/29/2022, total price=2000000;500000 allocated to the land. a. What is the maximum allowed cost recovery for 2022 for the apartment building?
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- Grover Inc. wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the proportional method to record the revaluation? OA. $20,000 credit B. $10,000 credit O C. SO Before Revaluation $120,000 40,000 80,000 D. $10,000 debitDLW Corporation acquired and placed in service the following assets during the year. Date Acquired 3/10 Cost Basis $ 14,500 $ 26,700 $ 333,000 5/5 8/25 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-47 Part a (Algo) a. What is DLW's year 1 cost recovery for each asset? Asset Computer equipment Furniture Commercial building Total Year 1 Cost Recovery $ 016. On April 27, 2021, BatoBatoPik purchased for P6,000,000 a warehouse building and the land on which it is located. The following data were available concerning the property: Current Appraised Value Original Cost Land P2,200,000 P1,800,000 Warehouse P3,300,000 P3,000,000 Total P5,500,000 P4,800,000 At what amount should the warehouse be recorded?
- 9. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a pistive number.) a pristiv Buildings Equipment Furniture Land Land Improvements Total ces Cost At January 1, 2020 15,316,200 4,457,785 18,967,224 9,872,050 Additions 5,888,910 1,601,510 14,369,270 2,361,350 7,820,640 2,041,930 56,433,899 26,262,970 Disposal 0 0 0 0 0 0 At December 31, 2020 21,205,110 6,059,295 33,336,494 12,233,400 9,862,570 82,696,869 Accumulated Depreciation At January 1, 2020 465,268 798,879 3,421,627 Depreciation expense Disposal 0 At December 31, 2020 465,268 798,879 Carrying Amount At January 1, 2020 14,850,932 3,658,906 15,545,597 9,872,050 5,735,721 0 0 0 0 0 0 3,421,627 0 1,049,947 5,735,721 6,770,693 50,698,178 2,961,132 0 1,049,947 At December 31, 2020int Item Exercise 8-21 (Algorithmic) (LO. 2) Lopez acquired and placed in service a building on June 1, 2018, for $8,470,300. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as residential rental real estate. 307,980 b. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as nonresidential real estate. 217,178Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
- Q4. A building with a cost of $400 000 and accumulated depreciation of $190 000 is revalued to its fair value of $350 0001. What are the journal entries?2. What will be the journal entries if the building is revalued at 150,000?MCQ3 Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation?TB 02-95 Which concept should be applied when reporti... Which concept should be applied when reporting a piece of land that was bought for $50,000 five years ago, and which would probably now sell for $80,000? Multiple Choice The cost principle. The separate entity concept. The asset principle. The duality of effects.
- 9. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a postive number.) Buildings Equipment Furniture Land Land Improvements Total Cost At January 1, 2020 15,316,200 4,457,785 18,967,224 9,872,050 7,820,640 Additions 5,888,910 1,601,510 14,369,270 2,361,350 2,041,930 56,433,899 26,262,970 Disposal 0 0 0 0 0 0 At December 31, 2020 21,205,110 6,059,295 33,336,494 12,233,400 9,862,570 82,696,869 Accumulated Depreciation At January 1, 2020 465,268 Depreciation expense 798,879 1,326,217 3,421,627 0 1,049,947 5,735,721 0 492,778 1,818,995 Disposal 0 0 0 0 0 0 At December 31, 2020 465,268 2,125,096 3,421,627 0 1,542,725 7,554,716 Carrying Amount At January 1, 2020 14,850.932 3,658,906 15,545,597 9,872,050 6,770,693 50,698,178 At December 31, 2020 12.233,400 8,319,845 20,553,245Using the Cost Approach to property appraisal, determine the final appraised value of a building and the land the bulding is on based upon the following: - Land Value-$6 million; > Building Cost (psf) - $250; > Total area (psf)-$100,000: > Developer's profit - S800,000; > Economic obsolescence - S1.5 million; > Functional obsolescence - $3 million; > Locational obsolescence - $2 million; > Curable depreciation - Si million; > Effective age -20 years: > Economic Age- 50 years. Oa $10.340,000 Ob.S14,380,000 OC S13,980.000 Od. 510,380,000 Oe. $8,380,000What are the maximum postponed gain or loss and the basis for the replacement property for the following involuntary conversions? If an amount is zero, enter "0". Property Type of Conversion Amount Realized Adjusted Basis Amount Reinvested a. Drugstore (business) Casualty $160,000 $130,000 $110,000 b. Apartments (investment) Condemned 100,000 125,000 175,000 c. Grocery store (business) Casualty 400,000 300,000 450,000 d. Residence (personal) Casualty* 16,000 18,000 17,000 e. Vacant lot (investment) Condemned 240,000 160,000 220,000 f. Residence (personal) Casualty* 20,000 18,000 19,000 g. Residence (personal) Condemned 18,000 20,000 26,000 h. Apartments (investment) Condemned 150,000 100,000 200,000 * Casualty occurred in a Federally declared disaster area. Adjusted Basisof Old Machine Realized Gain/Realized Loss PostponedAmount Basis…