A corporation has decided to replace an existing asset with a newer model. Two years ago, the existing asset originally cost $70,000 and was being depreciated under MACRS using a five-year recovery period. The existing asset can be sold for $30,000
The new asset will cost $80,000 and will also be depreciated under MACRS using a five-year recovery period. If the assumed tax rate is 40 percent on ordinary income and capital gains, the initial investment is ________.
A) $48,560
B) $44,360
C) $49,240
D) $27,600
A
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The documents in a voucher packet include all of the following except
a. a check b. a purchase order c. a receiving report d. a supplier's invoice
Habitat for Humanity has used persuasion to effectively gain donations of time, talent, and resources
Indicate whether the statement is true or false
Which of the following is a process theory of motivation?
a. Maslow’s hierarchy of needs b. McClelland’s achievement-motivation theory c. Vroom's expectancy theory d. Herzberg’s two-factor theory
An oil well cost $1,832,500 and is calculated to hold 160,000 barrels of oil
There is no residual value. Which journal entry is needed to record the expense for the extraction of 37,000 barrels of oil during the year? All 37,000 barrels were sold ding the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) Cost of Goods Sold - Oil 423,650 Accumulated Depletion - Oil 423,650 B) Depletion Expense - Oil 423,650 Oil Revenue 423,650 C) Depletion Expense - Oil 423,650 Accumulated Depletion - Oil 423,650 D) Oil Reserve Inventory 423,650 Accumulated Depletion - Oil 423,650