Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. joaquin purchased a $100,000 crane for a construct

Joaquin purchased a $100,000 crane for a construction business. The crane was sold for $70,000...

90.2K

Verified Solution

Question

Accounting

Joaquin purchased a $100,000 crane for a construction business. The crane was sold for $70,000 after taking $56,000 of depreciation. Assume Joaquin is in the 35% tax rate bracket.

Required:

  1. On what form would the gain or loss originally be reported?
  2. What is the amount of gain or loss on the sale?
  3. What amount of the gain or loss is subject to ordinary tax rates?
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

Biology
1.2K views

No one should ever consider aging a pathology. Aging is a normal part of the life...

Psychology
1.2K views

What are some potential ethical concerns for crime and justice studies? Please cite your source if you...

Biology
1.2K views

Net equation of cellular aerobic respiration in prokaryotic cells vs. eukaryotic cellsMake sure to write...

Biology
1.2K views

Click to see additional instructions Use the following information to answer questions 2 3 and...

Geometry
1.2K views

1 4 1 Graph and label on the grid the vectors 17 0 217 and...

Basic Math
1.2K views

A normal distribution has a mean of 85 3 and a standard deviation of 4...

Algebra
1.2K views

What should we multiply the 2nd equation by in order to eliminate the y using...

Accounting
1.2K views

The following key figures (in sh. Million) have been ex Ltd for the financial yoar...

Accounting
1.2K views

Selected Stock Transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby,...

Accounting
1.2K views

Jack and Jill's Place is a nonprofit nursery school run by the parents of the...

Accounting
1.2K views

Complete the derivation of Equation NPV = FV/(1 + r)Y from Equation UCP = TCF...

Finance
1.2K views

Dick Dowen is considering three investment opportunities: 1. A 4.4% city of Chicago bond that...