Photo Tonight, a film-developing and camera-repair franchise, began business on January 1,2023. In the process...
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Photo Tonight, a filmdeveloping and camerarepair franchise, began business on January In the process of beginning operations, it incurred the following capital expenditures. The business was immediately successful and generated substantial profits for the years ended December and In the truck was traded in for a larger unit costing $ A value of $ was assigned to the old truck when it was traded in In the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December for the following values. Required: Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the and taxation years. Assume none of the assets are designated immediate expensing property. Use a minus sign when entering numbers that reduce UCC. 
Photo Tonight, a filmdeveloping and camerarepair franchise, began business on January In the process of beginning
operations, it incurred the following capital expenditures.
The business was immediately successful and generated substantial profits for the years ended December and
In the truck was traded in for a larger unit costing $ A value of $ was assigned to the old truck when it was traded
in
In the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December
for the following values.
Required:
Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the and
taxation years. Assume none of the assets are designated immediate expensing property. Use a minus sign when entering
numbers that reduce UCC.
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