Monday
July 28, 2014

Homework Help: accounting

Posted by janai preister on Sunday, June 26, 2011 at 5:13pm.

You trade equipment in 2010 and pay a $10,000 cash boot for similar equipment with a fair market value of $20,000. The transaction cost is $100. You paid $25,000 for your old equipment. The depreciation deduction allowed for tax purposes on the old equipment was $4,000 in 2007, $5,500 in 2008, and $7,000 in 2009. What is the basis of the equipment that you acquire in the trade?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - Jackson Company invests in a new piece of equipment costing $40,000...
accounting - Assets Cash (Net Effect) $35,000 20,000 +15,000 A/R 33,000 14,000 +...
Accounting - Presented below are selected financial statement items for Rowe ...
Accounting Corporations - Birch issued 200 shares of $12 par common stock in ...
Finance - Cooper construction is considering purchasing new technologically ...
accounting - Partial balance sheets for ABC Company and additional information ...
Accounting - Partial balance sheets for ABC Company and additional information ...
accounting - (TCO 8) Partial balance sheets for ABC Company and additional ...
Accounting- Help Please - Accounting Help-Preparing and posting journal entries...
accounting - The following transactions occurred during March 2009 for the ...

Search
Members