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Renton Technical College *
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Accounting
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May 7, 2024
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- - - w [ he following information applies to the questions displayed below./ In year O, Longworth Partnership purchased a machine for $60,750 to use in its business. In year 3, Longworth sold the machine for $38,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,100. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $22,2007? @ Answer is complete and correct. Description Amount Total Gain or (Loss) Recognized $ (14,450) @ Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $ 09 §1231 gain or (loss) $ (14,450) & ..........
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Related Questions
!
Required information
[The following information applies to the questions displayed below.]
In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the
machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to
$67,500?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
$1231 gain/(loss)
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Required information
[The following information applies to the questions displayed below.]
In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the
machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
c. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to
$16,500 (before the $1231 netting process, if applicable)?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Los)
$1231 gain/(loss)
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S
!
Required information
[The following information applies to the questions displayed below.]
In year O, Longworth Partnership purchased a machine for $50,500 to use in its business. In year 3, Longworth sold the
machine for $35,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$26,600.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to
$16,100?
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
§1231 gain or (loss)
Amount
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In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800.
Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.
Problem 3-41 Part-a (Algo)
a. What are the amount and character of the gain or loss Longworth will recognize on the sale?
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $61,750?
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In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business. In year 3, Longworth
sold the machine for $44,300. Between the date of the purchase and the date of the sale, Longworth depreciated
the machine by $24,900.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
a. What are the amount and character of the gain or loss Longworth will recognize on the sale?
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
$1231 gain or (loss)
Amount
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In year 0, Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3, Longworth sold the
machine for $36,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$29,800.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to
$61,250?
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss)
Ordinary Gain or (Loss)
$1231 gain or (loss)
Amount
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In year O, Longworth Partnership purchased a machine for $58,250 to use in its business. In year 3, Longworth sold the
machine for $37,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$25,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to
$68,250?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
$1231 gain/(loss)
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In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold the machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
§1231 gain/(loss)
arrow_forward
In year 0, Longworth Partnership purchased a machine for $54,500 to use in its business. In year 3, Longworth sold the machine for $36,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,700. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $65,500?
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In year 0, Longworth Partnership purchased a machine for $44,500 to use in its business. In year 3, Longworth sold the machine for $38,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $31,100. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What are the amount and character of the gain or loss Longworth will recognize on the sale?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
§1231 gain/(loss)
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,000?
Description
Amount
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
§1231 gain/(loss)
c. What are the amount and character of the gain or loss Longworth will recognize on the sale…
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In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What is the amount and character of the gain or loss Longworth will recognize on the sale?
In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In…
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In year 0, Longworth Partnership purchased a machine for $57,500 to use in its business. In year 3, Longworth sold the machine for $38,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $27,300. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $70,000?
Please don't provide answer in image format thank you
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3. In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
b. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation?
Total Gain/Loss Recognized?
Ordinary Gain/Loss?
1231 Gain/Loss?
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n year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
d. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were decreased to $20,000?
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n year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
c. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were increased to $60,000?
Total Gain/Loss Recognized
Character of Recognized Gain/Loss
Ordinary Gain/Loss
1231 gain/loss
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Hauswirth Corporation sold (or exchanged) a warehouse in year O. Hauswirth bought the
warehouse several years ago for $103,500, and it has claimed $41,600 of depreciation
expense against the building.
Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero
if applicable. Round your final answers to the nearest whole dollar amount.
Required:
a. Assuming that Hauswirth receives $76,200 in cash for the warehouse, compute the amount
and character of Hauswirth's recognized gain or loss on the sale.
b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land
with a fair market value of $76,200, compute Hauswirth's realized gain or loss, recognized
gain or loss, deferred gain or loss, and basis in the new land.
c. Assuming that Hauswirth receives $21,000 in cash in year 0 and a $87,000 note receivable
that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in
year O and in year 1.
Complete this…
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On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen
sold the machine for $18,000. Use MACRS Table.
Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no
answer blank. Enter zero if applicable.
a. What are the amount and character of the gain or loss Dirksen will recognize on the sale?
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
§1231 gain or (loss)
$
Amount
0
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[The following Information applies to the questions displayed below.]
On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen
sold the machine for $18,000. Use MACRS Table.
Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no
answer blank. Enter zero If applicable.
b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or
loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 Instead?
Note: Round other Intermediate computations to the nearest whole dollar amount.
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
$1231 gain or (loss)
Amount
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Required information
Problem 11-41 (LO 11-3, LO 11-4) (Static)
[The following information applies to the questions displayed below.]
In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3,
Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale,
Longworth depreciated the machine by $22,000.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if
applicable.
Problem 11-41 Part-b (Static)
b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are
increased to $45,000?
Answer is complete but not entirely correct.
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
$1231 gain or (loss)
Amount
$ 27,000
$(27,000) X
$ (27,000)
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Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $65,000,
and it has claimed $23,000 of depreciation expense against the building. (Loss amounts should be indicated by a minus sign. Leav
no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.)
Required:
a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of Hauswirth's
recognized gain or loss on the sale.
b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $50,000,
compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land.
c. Assuming that Hauswirth receives $20,000 in cash in year O and a $50,000 note receivable that is payable in year 1, compute th
amount and character of Hauswirth's gain or loss in year O and in year 1.
Complete this question by…
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In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership?
Total Gain/Loss Recognized
Character of Recognized Gain/Loss
Ordinary Gain/Loss
1231 gain/Loss
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!
Required information
Problem 11-41 (LO 11-3, LO 11-4) (Algo)
[The following information applies to the questions displayed below.]
In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold the
machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$28,200.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
Problem 11-41 Part-c (Algo)
c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to
$16,400?
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
$1231 gain or (loss)
Amount
arrow_forward
Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years
ago for $65,000, and it has claimed $23,000 of depreciation expense against the building. (Loss amounts should
be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the
nearest whole dollar amount.)
Required:
a. Assuming that Hauswirth receives $50,000 in cash for the warehouse, compute the amount and character of
Hauswirth's recognized gain or loss on the sale.
b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market
value of $50,000, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss,
and basis in the new land.
c. Assuming that Hauswirth receives $20,000 in cash in year O and a $50,000 note receivable that is payable in
year 1, compute the amount and character of Hauswirth's gain or loss in year O and in year 1.
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Required Information
[The following information applies to the questions displayed below.]
On August 1 of year 0. Dirksen purchased a machine for $42,500 to use in its business. On December 4 of year 0, Dirksen
sold the machine for $35,000. Use MACRS Table. (Loss amounts should be Indicated by a minus sign. Do not round
percentages used for calculations. Round other Intermediate computations to the nearest whole dollar amount. Leave
no answer blank. Enter zero If applicable.)
b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or
loss Dirksen will recognize on the sale of the machine is sold on January 15 of year 1 Instead?
Description
Total Gain/(Loss) Recognized
Character of Recognized Gain/(Loss):
Ordinary Gain/(Loss)
§1231 gain/(loss)
S
Amount
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!
cences
Required information
Problem 11-41 (LO 11-3, LO 11-4) (Algo)
[The following information applies to the questions displayed below.)
In year 0, Longworth Partnership purchased a machine for $56,250 to use in its business. In year 3, Longworth sold the
machine for $43,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by
$24,700.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
Problem 11-41 Part-a (Algo)
a. What are the amount and character of the gain or loss Longworth will recognize on the sale?
Description
Amount
Total Gain or (Loss) Recognized
$
11,750
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
$1231 gain or (loss)
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On August 1 of year 0, Dirksen purchased a machine for $23,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $21,500. Use MACRS Table.
Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.
b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?
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11.
Subject :- Accounting
Sumner sold equipment that it uses in its business for $30,800. Sumner bought the equipment a few years ago for $79,600 and has claimed $39,800 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss? Multiple Choice $9,000 §1231 loss. $9,000 §1245 loss. $48,800 ordinary loss. $9,000 capital loss. None of the choices are correct.
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Required information.
Problem 11-42 (LO 11-3, LO 11-4) (Static)
[The following information applies to the questions displayed below.]
On August 1 of year O, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of
year 0, Dirksen sold the machine for $18,000. Use MACRS Table.
Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for
calculations. Leave no answers blank. Enter zero if applicable.
Problem 11-42 Part-a (Static)
a. What are the amount and character of the gain or loss Dirksen will recognize on the sale?
Description
Total Gain or (Loss) Recognized
Character of Recognized Gain or (Loss):
Ordinary Gain or (Loss)
$1231 gain or (loss)
Amount
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Assume that Ernesto purchased a digital camera on July 10 of year 1 for $3,000. In year 1, 80 percent of his camera usage was for his business and 20 percent was for personal photography activities. This was the only asset he placed in service during year 1. Ignoring any potential §179 expense and bonus depreciation, answer the questions for each of the following alternative scenarios: (Use MACRS Table 1, Table 2.) (Leave no answer blank. Enter zero if applicable.)
b. What would be Ernesto’s depreciation deduction for the camera in year 2 if his year 2 usage was 75 percent business and 25 percent for personal use?
depreaction expense
c. What would be Ernesto’s depreciation deduction for the camera in year 2 if his year 2 usage was 45 percent business and 55 percent for personal use?
depreaction expense
d. What would be Ernesto’s depreciation deduction for the camera in year 2 if his year 2 usage was 30 percent business and 70 percent for personal use?…
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Assume that on January 2, 20X6, Sanoma of Michigan purchased fixtures for $8,100 cash, expecting the fixtures to remain in service for five years. Sanoma has depreciated the fixtures on
a double-declining-balance basis, with $1,400 estimated residual value. On October 31, 20X7, Sanoma sold the fixtures for $2,600 cash.
Requirement
1. Record both the depreciation expense on the fixtures for 20X7 and the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on Sanoma's disposal of
these fixtures.
Start by recording depreciation expense on the fixtures for 20X7. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.)
Journal Entry
Date
Oct 31
Accounts
Debit
Credit
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Assume that Ernesto purchased a digital camera on July 10 of year 1 for $3,000. In year 1, 80 percent of his camera usage was for his business and 20 percent was for personal photography activities. This was the only asset he placed in service during year 1. Ignoring any potential §179 expense and bonus depreciation, answer the questions for each of the following alternative scenarios: (Use MACRS Table 1, Table 2.) (Leave no answer blank. Enter zero if applicable.)
Problem 10-66 Part a (Static)
a. What is Ernesto’s depreciation deduction for the camera in year 1?
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Related Questions
- ! Required information [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $67,500? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)arrow_forwardRequired information [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) c. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $16,500 (before the $1231 netting process, if applicable)? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Los) $1231 gain/(loss)arrow_forwardS ! Required information [The following information applies to the questions displayed below.] In year O, Longworth Partnership purchased a machine for $50,500 to use in its business. In year 3, Longworth sold the machine for $35,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,600. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $16,100? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) Amountarrow_forward
- In year 0, Longworth Partnership purchased a machine for $53,000 to use in its business. In year 3, Longworth sold the machine for $42,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,800. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 3-41 Part-a (Algo) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $61,750?arrow_forwardIn year 0, Longworth Partnership purchased a machine for $57,250 to use in its business. In year 3, Longworth sold the machine for $44,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,900. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amountarrow_forwardIn year 0, Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3, Longworth sold the machine for $36,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,800. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $61,250? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss) Ordinary Gain or (Loss) $1231 gain or (loss) Amountarrow_forward
- In year O, Longworth Partnership purchased a machine for $58,250 to use in its business. In year 3, Longworth sold the machine for $37,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,250? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)arrow_forwardIn year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold the machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss)arrow_forwardIn year 0, Longworth Partnership purchased a machine for $54,500 to use in its business. In year 3, Longworth sold the machine for $36,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,700. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $65,500?arrow_forward
- In year 0, Longworth Partnership purchased a machine for $44,500 to use in its business. In year 3, Longworth sold the machine for $38,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $31,100. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,000? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) c. What are the amount and character of the gain or loss Longworth will recognize on the sale…arrow_forwardIn year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In…arrow_forwardIn year 0, Longworth Partnership purchased a machine for $57,500 to use in its business. In year 3, Longworth sold the machine for $38,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $27,300. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $70,000? Please don't provide answer in image format thank youarrow_forward
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