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A business machine purchased April 10, 2008, for $86,000 was fully depreciated in 2008 using § 179 immediate expensing. On August 15, 2009, the sole proprietor who owned the machine died. On that date the machine's value was $57,000. It was inherited by an individual who did not use the machine in business and was sold on November 22, 2009, for $53,000.
Discuss the amount and nature of the gain or loss from disposition of the machine?
What requirements must be met for property to qualify for like-kind exchange treatment?
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?
If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of produ..
Phil and Linda are 25 year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.
The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.
Maggie is single and supports her 85-year-old parents who live in a home rented for them by Maggie and who have no income. What is Maggie's filing status and why?
If the accounts receivable balance at December 31 was $350,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2012?
The convergence process is likely to lead to the acceptance of the IFRS approach. Explain whether or not you agree with this decision.
What constitutes a pledge or contribution? When does a not-for-profit organization recognize pledge revenue and contribution revenue? How do contributions differ from exchanges?
Karr Company purchased bonds with a face amount of $400,000 between interest payment dates. Karr purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000.
Describe 1 ethical issue that could result from the preparation of these manufacturing entries.
How is annual cash inflow determined?
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