Maurice Tutor

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About Maurice Tutor

Levels Tought:
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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 5.00

income tax authorities

The figures that follow to give the answer:

 

Method A: Straight-Line

Method B: Double-Declining-Balance

Year

Annual Depreciation Expense

Accumulated Depreciation

Book Value

Annual Depreciation Expense

Accumulated Depreciation

Book Value

Start

    

$44,000

    

$44,000

20X7

$4,000

$ 4,000

40,000

$8,800

$ 8,800

35,200

20X8

4,000

8,000

36,000

7,040

15,840

28,160

20X9

4,000

12,000

32,000

5,632

21,472

22,528

Required

1. Suppose the income tax authorities permitted a choice between these 2 depreciation methods. Which method would FedEx select for income-tax purposes? Why?

2. Suppose FedEx purchased the equipment described in the table on January 1, 20X7. Management has depreciated the equipment by using the double-declining-balance method. On July 1, 20X9, FedEx sold the equipment for $27,000 cash.

Required

Record depreciation for 20X9 and the sale of the equipment on July 1, 20X9.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 06:09 PM My Price 5.00

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