Shimmer inc is a calendar year end accrual method, Ask an Expert

Accounting

Shimmer Inc is a calendar year end, accrual method corporation. This year its sells the following long term assets:

Assets Sales Price Cost Acc. Depr

Building $230,000 $200,000 $52,000

Equipment $ 80,000 $148,000 $23,000

Shimmer does not sell any other assets during the year, and its taxable income before these transactions is $800,000. What are Shimmer's taxable income and tax liability for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797544

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