1) A company sells equipment for $150,000 for three equal installments of $50,000. The company’s…

1) A company sells equipment for $150,000 for three equal installments of $50,000. The company’s…
  1) A company sells equipment for $150,000 for three equal installments of $50,000. The company’s original basis was $135,000 and accumulated depreciation was $30,000 as of the date of sale. What is the amount and character of the gain the company will recognize in year 1?   a. $15,000 of §1231 gain   b. $45,000 of §1231 gain   c. $5,000 of ordinary income and $30,000 of §1231 gain   d. $30,000 of ordinary income and $5,000 of §1231 gain   2) Lexington sells land for $120,000 in exchange for two equal payments of $60,000 per year. Lexington’s original basis was $80,000. How much income will Lexington recognize in the first year upon payment of $60,000?   A. $0   B. $13,332   C. $20,000   D. $40,000   E. $60,000 3) Calculate the year 1 depreciation of equipment placed into service on December 15. The cost was $85,000. The asset has a 7 year recovery period. Assume that this is the only property that was placed into service during the year. Hint: You will need to determine the depreciation convention based on the date the company's asset was placed into service.   A. $3,035   B. $4,250   C. $17,000   D. $21,250   4) A company purchased office furniture in the 2nd quarter of year 1 for $8,000. The next year, it sells all of its office furniture in the 4th quarter of year 2. What is the company’s depreciation on the office furniture in year 2 assuming the office furniture has a recovery period of 7 years and the company uses the mid-quarter depreciation convention?   A. $535   B. $1,250   C. $1,643   D. $1,878 May 16 2022 03:09 PM

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Open chat
1
You can contact our live agent via WhatsApp! Via + 1 (409) 205-8984

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code GURUH