Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. johnson sold a commercial delivery truck on may 17

Johnson sold a commercial delivery truck on May 17, 2023 for $68,000. The vehicle was...

60.1K

Verified Solution

Question

Accounting

Johnson sold a commercial delivery truck on May 17, 2023 for $68,000. The vehicle was purchased new on February 16, 2020 for $100,000. The vehicle was depreciated using a MACRS 5-year life and no bonus depreciation or Sec. 179 expense was taken.

What is the amount and character of the gain or (loss) recognized by Johnson in 2023 for the sale of the delivery vehicle?

SOLD TRUCK: 68,000

COST: 100,000

2020: 20,000

2021:32,000

2022:19,200

2023: 5760

TOTAL AD:76,960

ADJ BASIS: 23,040

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In digital logic circuits, what are the maximum number of inputs for the following gates: AND OR NOR XOR(is it...

Electrical Engineering
Q

P/E Ratio is 75.40 and Beta is 1.62 Amazon is company 1. compare the P/E ratio of...

Finance
Q

A potential difference of V volts is applied on two parallel electrodes separated by a...

Physics
Q

3 Find the volume of the square pyramid below Lesson 18 2 1 2 point...

Geometry
Q

Arra of 4 125 in San Amatio 3 in actual distance from San Antonio to...

Basic Math
Q

The parent cosine function is shifted 5 units left, then vertically stretched by a factor...

Basic Math
Q

steel a machine is used to cut the bars to specific lengths The machine has...

Calculus
Q

Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below...

Accounting
Q

A company is considering a $240,000 investment in machinery with the following net cash flows....

Accounting
Q

9. Days in inventory at the end of Year 2 is closest to: A. 60.0...

Finance
Q

Last year Deiters Aluminum purchased a new press machine used in manufacturing for $308,000. At...

Finance
Q

5 573 800 The before-tax cash flow from the sale of the property is expected...

Accounting