Business, 17.03.2020 00:01 dezmondadelson23
Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $151,200. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year’s depreciation on July 1, 2022, and to record the disposal under the following separate assumptions: (1) The machine is sold for $75,600 cash. (2) An insurance settlement of $63,504 is received due to the machine’s total destruction in a fire.
Answers: 3
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Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?
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Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $151,200. Straight...
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