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- ABC Institute has the following selected information for the taxable year 2021: Tuition fees (actually, directly, exclusively used for educational P20,000,000 purposes) Miscellaneous fees (actually, directly, exclusively used for 5,800,000 educational purposes) Operating expenses related to school fees (excluding depreciation 18,500,000 on the additional school building) Rental income (net of CWT) 7,125,000 Operating expenses related to rental income 2,250,000 Interest from bank deposits 100,000 Interest income from FCDS deposits 80,000 Dividend income from a domestic corporation 65,000 Dividend income from a foreign corporation (within) 50,000 Quarterly income tax payments 80,000 Additional school building was built and finished on April 1, 2021 at a cost of P4,000,000 with a depreciable life of 25 years. Only if applicable, assume the educational institution opted to claim the cost of construction as an outright expense. The company' asset excluding land amounted to P108,000,000. How…For this question, the depreciable cost is $1.65.The actual carrying of an asset is R650 000 on 1 January 2020. Depreciation for the 2020 Financial year amounts to R50 000. The historical carrying amount on 1 January 2020 amounts to R400 000 and the historical depreciation for the 2020 Financial year is R15 000. On 31 Dec 2020 the asset has a Future value of R750 000. What is the amount of the revaluation that will be taken to Other comprehensive income?
- How much is the additional loss, related to the return of the asset to itsoriginal classification as non-current, shall be reported in the 2022statement of comprehensive incomeP9.3(a. Compute the original cost of machine ; and depreciation expense on Dec 31,2020) (b) (c)Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)
- In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Required: Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax depreciation on this asset for 2020, 2021, and 2022. Use Table 7-1 and Table 7-2. Use the below table for annual depreciation deduction for year 2020 to 2022: 2020 $ 10,100 2021 16,100 2022 9,700 2023 and subsequent years 5,760Determine the largest possible total cost recovery deduction for 2020 (BUT IGNORE BONUS DEPRECIATION and SECTION 179) on the following assets, which were purchased for use in a business on July 1, 2020. Asset Cost Office furniture $900,000 Computer and printers 50,000 Office building 850,000 a. Office furniture depreciation for 2020: b. Computer and printer depreciation for 2020: c. Office building depreciation for 2020:uipment, less accumulated depreciation of $88,600 at December 31, 2020, and $55,375 at December 31, 2019. Jired: there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first cquired, what is the amount of depreciation expense for 2020? omplete this question by entering your answers in the tabs below. ssume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated alvage value is $23,900. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. ssume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry ir the sale of the equipment. Indicate the financial statement effect. equired A Required B1 December 31, 2020 $ 68,200 Required B2 Required B3 Required C1 sume that the equipment is sold on December 31,…
- If a commercial railway property has a property tax bill of $55477 and the mill rate is 11.02, what is the assessed value of the property? Select one: a. 493352.63 b. 453078.95 c. 478250.00 d. 503421.05 CheckAssuming cost model was used for the Real Property B, what is the carrying value of the property as of December 31, 2021?The cost of an item of property, plant and equipment includes all of the following, except Purchase price Directly attributable costs of bringing the asset to working condition for its intended use Trade discount and rebates Import duties and nonrefundable purchase taxes