please answer in 30 minutes. urgent in 2021, Leonard moved 1500 kms to begin a new job in Winnipeg. The trip from Alberta toManitoba took two days. Leonard's allowable moving costs totalled $8,000 before receiving a $3,000reimbursement for the company. Included in the $8,000 were receipts of $80 for meals and $450 forgasoline. (The 2021 CRA travel kilometer rates for Alberta and Manitoba are 51cents and 52cents,respectively.) Leonard earned $35,000 at the new location. The maximum deduction that Leonardcan claim in 2021 isO a. $5,388O b. $5,780O c. $5,765O d. $5,373

Deduction is the amount which is claimed by the taxpayer during the year and through which the…

Answered: respectively.) Leonard earned $35,000…

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respectively.) Leonard earned $35,000 at the new location. The maximum deduction that Leonard can claim in 2021 is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 13E: On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million....

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WCM Builders enters into a contract to build a shopping mall in 2019 for $6,000,000. Completion of the mall is expected to take 27 months and cost WCM $3,600,000. Upon signing the contract, WCM receives $600,000. During 2019, WCM incurs costs of $1,200,000 and receives a $1,000,000 progress payment. WCM’s forewoman estimates that the job is 50% complete at the end of 2019. How much income must WCM recognize in 2019 from the work done on the mall? Do not round intermediate computations. WCM will recognize $ of gross income from the contract in 2019.
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