GPE had the following fixed assets in service: Item Computer equipment Copier Vending Machine Packaging...
80.2K
Verified Solution
Link Copied!
Question
Accounting
GPE had the following fixed assets in service: Item Computer equipment Copier Vending Machine Packaging Equipment Computers Office desks Warehouse (new build) Life of asset 5 years 5 years 7 years 7 years 5 years 7 years 39 years Date Purchased 10/31/2020 02/03/2021 08/17/2021 9/22/2021 03/31/2022 10/15/2022 5/12/1994 Amount $530,000 $11,550 17,000 565,000 385,000 880,000 1,540,000 GPE would like to take advantage of 179 expensing, but elects out of bonus depreciation, for purchases in 2022. The company has not taken either of these additional depreciation options in prior years. GPE listed some equipment for sale. The computer equipment, purchased on 10/31/2020, sold on 03/15/2022 for $421,000. They also sold the packaging equipment, purchased on 9/22/2021, on 12/15/2022 for $462,000. 
GPE had the following fixed assets in service: GPE would like to take advantage of 179 expensing, but elects out of bonus depreciation, for purchases in 2022. The company has not taken either of these additional depreciation options in prior years. GPE listed some equipment for sale. The computer equipment, purchased on 10/31/2020, sold on 03/15/2022 for $421,000. They also sold the packaging equipment, purchased on 9/22/2021, on 12/15/2022 for $462,000
GPE had the following fixed assets in service: Item Computer equipment Copier Vending Machine Packaging Equipment Computers Office desks Warehouse (new build) Life of asset 5 years 5 years 7 years 7 years 5 years 7 years 39 years Date Purchased 10/31/2020 02/03/2021 08/17/2021 9/22/2021 03/31/2022 10/15/2022 5/12/1994 Amount $530,000 $11,550 17,000 565,000 385,000 880,000 1,540,000 GPE would like to take advantage of 179 expensing, but elects out of bonus depreciation, for purchases in 2022. The company has not taken either of these additional depreciation options in prior years. GPE listed some equipment for sale. The computer equipment, purchased on 10/31/2020, sold on 03/15/2022 for $421,000. They also sold the packaging equipment, purchased on 9/22/2021, on 12/15/2022 for $462,000.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.