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Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 1,097 miles on the four-wheeler that he bought on January 15 for $9,100. Of the miles driven, only 197 miles was for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
a. Calculate the allowable depreciation for year 1 (ignore the §179 expense and bonus depreciation).
b. Calculate the allowable depreciation for year 2 if total miles were 1,440 and personal use miles were 420 (ignore the §179 expense and bonus depreciation).
canada steel co. produces steel casting and metal fabrications for sale to manufacturers of heavy construction
Riney did not acquire any of these shares. Illustrate what is the balance in Investment in Garvin after the sale of the 10,000 shares of common stock?
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Complete a bank/account reconciliation and write any necessary journal entries for the reconciliation.
On February 15, 2013, Leo purchased and placed in service a new car that cost $23,750. The business use percentage for the car is always 100%. He does take the additional first-year depreciation. What MACRS convention applies to the new car?
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Prepare a trial balance for the following data
Which journal entry reflects the following transaction?:
The bonds converted into common stock on 1 April of the current year, and basic EPS properly reflects the common shares outstanding since 1 April.
What is your estimate of the present stock price What is the target stock price in one year?
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