jordan purchased a $60,000 piece of office furniture during 2019. The balance in his UCC pool for furniture at the end of 2018 year was $20,000 and is amortized at the declining balance rate of 20%. Calculate jordan's 2019 maximum CCA.
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jordan purchased a $60,000 piece of office furniture during 2019. The balance in
his UCC pool for furniture at the end of 2018 year was $20,000 and is amortized at
the declining balance rate of 20%. Calculate jordan's 2019 maximum CCA.
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- jordan purchased a $20,000 piece of office furniture during 2019. The balance inhis UCC pool for furniture at the end of 2018 year was $60,000 and is amortized atthe declining balance rate of 20%. If jordan's CCA is $18,000, what is the endingUCC for 2019?Amber sold her personal property in 2019, with details as follows: Cost ₱ 600,000 Mortgage assumed by the buyer 350,000 Installment collection schedule: 2019 200,000 2020 200,000 2021 80,000 How much is the realized gross profit for 2018?Mr. A, a real estate dealer, sold real estate for P2,000,000 on November 30, 2019. The cost of the property was P1,300,000. The terms of the sale were as follows: (1) Down payment of P400,000 and (2) P100,000 monthly installment beginning December 2019 until fully paid. How much is the income to be reported in 2019?
- On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $25,000 each, and will be paid on December 31, 2021, 2022, and 2023. The last three are to be $40,000 each and will be paid on December 31, 2024, 2025, and 2026. Montgomery borrowed other money at a 10% annual rate.Required:1. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021?2. How much interest expense on this note will Montgomery recognize in 2021?Taxpayer purchased the following assets in 2021: January 10 Machine $10,000 September 30 Computer $2,000 December 20 Warehouse $70,000 The convention used for MACRS personal property in 2021 is O Mid-month O Half-year Mid-quarterA company purchases equipment for $40,000 on Aug 1, 2019. It estimates that the equipment will have a salvage value of 4,000 and its useful life will be 9 years. It is the company’s policy to charge a full years depreciation on the year of purchase and no depreciation charge on the year of disposal. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2020 assuming straight-line depreciation?
- In 2019, Bright Inc. sold its parking lot for P2,400,000 payable on installment. The lot was previously acquired for P1,500,00. The buyer has an outstanding unpaid balance of P1,800,000 as of December 31, 2019, Bright’s year end. Compute Bright’s Gross income on 2019 using the installment method. a. P900,000 b. P675,000 c. P225,000 d. P112,500On May 5, 2021, Christy purchased and placed in service a hotel. The hotel cost $10.8 million. Calculate Christy's cost recovery deductions for 2021 and for 2024.A. Alex purchased a CNC machine on 1st October 2019 at a cost of $110,000 (including GST). Thismachinery is estimated to have a useful life of seven years.B. Alex purchased a Holden car on 1 May, 2019 at a cost of $63,000, estimated to have a usefullife of five years.Required:With reference to relevant legislation and case law, discuss and calculate what amount is allowed asa deduction for the decline in value of the machinery and the Holden car discussed above, using bothprime cost and diminishing value method
- On May 1, 2020, Vaughn Manufacturing began construction of a building. Expenditures of $620400 were incurred monthly for 5 months beginning on May 1. The building was completed and ready for occupancy on September 1, 2020. For the purpose of determining the amount of interest cost to be capitalized, the weighted-average accumulated expenditures on the building during 2020 were O $2481600. O $3102000. O $517000. O $620400.The Slow company has started the construction of an asset on September 1, 2019and finished it on November 1, 2020. The weighted average expenditure ascalculated at the end of the construction in 2020 was: $725,456. In 2020, thecomp had the following outstanding indirect debts:DebtOne-year loan payable taken out on March 31, 2019Two-year note payable Faken out on June 1, 2020Amount$67,000$120,000Annual rate5%7%Assuming there is no direct debt related to this construction, the interest that will becapitalized on indirect debt in 2020 is (calculate ratios to 2 decimal places):a) $47,980b) $45,130Oc) $7,133d) $5,737The entire amount of P765, 000 was charged to rent expense in 2019. What amount should Goetz have charged to expense for the year ended December 31, 2019? 90,000 94,125 184,125 495,000