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Author Question: Chrysler Corporation purchased special tools to be used in the assembly process of the Mustang in ... (Read 83 times)

arivle123

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on: Jun 24, 2018
Chrysler Corporation purchased special tools to be used in the assembly process of the Mustang in the amount of 7,200,000. The residual value after 3 years was estimated to be 900,000. They used the straight-line method of depreciation for financial statement reporting and MACRS for the amount of depreciation reported to the IRS. a. Which method of depreciation resulted in the largest write-off in the first year? b. How much greater was the write-off using your answer to (a) above?

Question 2

Dundaff Plumbing receives an invoice for an order of copper tubing dated May 15, with terms 5/10, 15 Extra. What is the discount date?


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ynlevi

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a. MACRS
b. 299,760

Answer to Question 2

9-Jun


arivle123

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Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

bulacsom

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Reply 3 on: Yesterday
Wow, this really help

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