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1. Book vs. Tax (MACRS Depreciation) Elwood Inc. purchased computer equipment on March 1, 2010, for $36,000. The computer equipment has a useful life of 10 years and a salvage value of $3,000. For tax purposes, the MACRS class life is 5 years.
(a) Assuming that the company uses the straight-line method for book and tax purposes, what is the depreciation expense reported in (1) the financial statements for 2010 and (2) the tax return for 2010?
(b) Assuming that the company uses the double-declining-balance method for both book and tax purposes, what is the depreciation expense reported in (1) the financial statements for 2010 and (2) the tax return for 2010?
(c) Why is depreciation for tax purposes different from depreciation for book purposes even if the company uses the same depreciation method to compute them both?
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What is the best way to determined what supposed to be the entry will use, please give me an example and explained for me to understand.
Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2010.
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Net cash flow from operations for a period was $30,000; Noncash revenues for the period were $11,000. Noncash expenses forthe period were $13,200. What was net income for the period?
A firm is trying to determine whether to replace an existing asset. The proposed asset has a purchase price of $50,000 and has installation costs of $3,000. The asset will be depreciated over its five year life using the straight-line method.
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as sales manager joe batista was given the following static budget report for selling expenses in the clothing
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