Chapter 10 Test - 2100000 x 4/12 = $700,000 2000000 x 0/12...

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!) Land 300000 0.33 x 855000 = 285000 900000 Warehouse 200000 0.22 x 855000 = 190000 900000 Office 400000 0.44 x 855000 = 380000 900000 Land $285,000 Warehouse $190,000 Office $380,000 5) (48000+12000) Truck 66,000 New $60,000 Acc Dep. -30,000 Book -$36,000 Book 36,000 Gain $24,000 12000 0.2 x 24000 = $4,800 60000 6) FMV $48,000 Total Gain Recognized Less def Gain -$19,200 = $24,000 -$4,800 New Equip $28,800 8) 1000000 x 6/12 = $500,000
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Unformatted text preview: 2100000 x 4/12 = $700,000 2000000 x 0/12 = $0 $1,200,000 Average Accumulated expenditure 9) Cost (Old) $120,000 ACC. Dep.-$90,000 Dep till April-$5,000 = 20000 /12 = 1670 3 X 1670= 5010 Book $25,000 FMV $27,500 Gain $2,500 10) Cost Of New $135,000 Gain-$2,500 Recorded @ $132,500 Gain res...
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This note was uploaded on 06/17/2010 for the course ACCOUNTING 280 taught by Professor X during the Spring '10 term at Academy of Art University.

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Chapter 10 Test - 2100000 x 4/12 = $700,000 2000000 x 0/12...

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