technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Purchase Date October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 Basis $16,200 10,000 5,400 19,160 Year 1 Asseta Computers (5-year) office equipment (7-year) Furniture (7-year) Start-up conta In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, starte by fellow information systems students preparing to graduate. The customer list cost $12,160, and the sale was compler on April 30. During their summer break, Dalin and Michael passed on internship opportunities in an attempt to really gr their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury auto) and a pinball machine (to help attract new employees). They bought the v on June 15, Year 2, for $27,000 and spent $4,200 getting it ready to put into service. The pinball machine cost $5,200 was placed in service on July 1, Year 2. Purchase Date June 15, Year 2 July 1, Year 2 April 30, Year 2 Year 2 Aaseta Van Pinball machine (7-year) Customer list Basis $ 31,200 5,200 12,160 Assume that eSys Answers does not claim any 5179 expense or bonus depreciation. (Use MACRS Table 1, Table 2, Tabl.
technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Purchase Date October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 Basis $16,200 10,000 5,400 19,160 Year 1 Asseta Computers (5-year) office equipment (7-year) Furniture (7-year) Start-up conta In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, starte by fellow information systems students preparing to graduate. The customer list cost $12,160, and the sale was compler on April 30. During their summer break, Dalin and Michael passed on internship opportunities in an attempt to really gr their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury auto) and a pinball machine (to help attract new employees). They bought the v on June 15, Year 2, for $27,000 and spent $4,200 getting it ready to put into service. The pinball machine cost $5,200 was placed in service on July 1, Year 2. Purchase Date June 15, Year 2 July 1, Year 2 April 30, Year 2 Year 2 Aaseta Van Pinball machine (7-year) Customer list Basis $ 31,200 5,200 12,160 Assume that eSys Answers does not claim any 5179 expense or bonus depreciation. (Use MACRS Table 1, Table 2, Tabl.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 7M
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