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On December 31, 2010, Chrysler Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows.Machine $1,300,000Accumulated depreciation 360,000Book value $940,000Depreciation is computed at $72,000 per year on a straight-line basis.Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)a.) A fire completely destroys the machine on August 31, 2011. An insurance settlement of $630,000 was received for this casualty. Assume the settlement was received immediately.b.) On April 1, 2011, Chrysler sold the machine for $1,040,000 to Avanti Company.c.) On July 31, 2011, the company donated this machine to the Mountain King City Council. The fair market value of the machine at the time of the donation was estimated to be $1,100,000.
zack is a farmer who buys his feed and fertilizer from a farmer cooperative. in 2012 zack purchased 300000 in feed and
Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation's tax return for the current year?
Bob Wolfe's weekly gross earnings for the present week were $2,180. Wolfe has four exemptions. Using the wage bracket withholding table below with a $63 standard withholding allowance for each exemption, what is Wolfe's federal income tax with..
the June 15 sale consists of 3 fishing reels from beginning inventory and 11 fishing reels from the June 12 purchase, and the June 27 sale consists of 1 fishing reel from beginning inventory and 6 fishing reels from the June 24 purchase.
Determine Philip's taxable income and his total tax liability
erika and kitty who are twins just received 10000 each for their 22th birthdays. they both have aspirations to become
you examine the financial statements of a firm and find that for every unit of product x sold the firm sells 4 units of
Calculate basic precision and the total projected misstatement. Determine the incremental allowance for sampling risk and the upper misstatement limit.
No dividends were paid the previous 2 years. If Koon declares $400,000 of dividends in the current year, how much will preferred stockholders receive if the preferred stock is cumulative?
Roark Company paid $630,000 for a basket purchase that included land, a building and equipment. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately:
Focus on cash and cash equivalents. Why did cash change during 2007? The statement of cash flows holds the answer to this question. Analyze the seven largest individual items on the statement of cash flows (not the summary subtotals such as "net c..
a total of 6850 kilograms of a raw material was bought at a total cost of 21920. the material price variance was 1370
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