AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

a. What is the maximum amount of §179 expense AMP may deduct for 2020?

b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $57,500 in 2021, $62,100 in 2022, and $66,600 in 2023. Bridgeport’s pretax financial income for 2020 is $314,600, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

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Compute taxable income and income taxes payable for 2020.

Income taxes payable

(B) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Sheridan Company and Concord Company both manufacture school science equipment. The following financial information is for three years ended December 31 (in thousands):

(a)

Calculate the asset turnover and return on assets ratios for both companies for 2020 and 2021. (Round answers to 2 decimal places, e.g. 52.75.)

Fama Corp sold some plant assets during 2020 for $265,000. The original cost to Fama of these assets was $1,830,000. The accumulated depreciation on these particular assets was $1,350,000 at December 31, 2019, and was $1,500,000 at the time of the sale in 2020. Fama uses the indirect method for its statement of cash flows. In reconciling net income to cash flows from operations

1.what is the net effect (i.e., addition or subtraction) stemming from these plant assets for the year ended December 31, 2020?

2. What is the net effect on cash flows from investing activities for the year ended December 31, 2020, stemming from these plant assets?

3. What is the net effect on cash flows from financing activities for the year ended December 31, 2020, from these plant assets?

A machine was purchased and installed in the beginning of year 2019. The estimated cost in the period stated dollars is below. The costs are in current period dollars at the end of the year. For example, 2020 cost is reported in end of year 2020 dollars. An inflation rate applicable to years 2020 and higher of 2.85% was used in the estimation process. What is the machine's Present Worth of costs including purchase amount in 2019 dollars using a real MARR of 9.5%? NOTE: 2019 dollars are the same at beginning for purchase and end of 2019. Cost inflation begins in 2020.

Clearly label your answer

Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $656,000 for purposes of computing the §179 expense. The company acquired the following assets during 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

a. What is the maximum amount of §179 expense TDW may deduct for 2020?

b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Kershaw Electric sold $6,000,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 98.

Prepare entries to record issuance of bonds, interest accrual, and bond redemption.

Instructions

1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020.
2. At December 31, 2020, $8,000 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-term liability at December 31, 2020.
3. On January 1, 2022, when the carrying value of the bonds was $5,896,000, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the period has already been paid.

Please show all work!

Excavation Co., a publicly-traded company, has a December 31 year end. For the 2020 fiscal year, there were 100,000 common shares outstanding all year. Net income for the year ended December 31, 2020 was $900,000. The company’s income tax rate is 25%. During 2019, Spade issued a $5,000,000, 5% convertible bond at par. Each $1,000 bond is convertible into 20 common shares. No bonds have been converted as of December 31, 2020. Also during 2019, Spade issued 100,000, $2 cumulative, convertible preferred shares. Two preferred shares are convertible into one common share. The preferred share dividend was declared and paid in June, 2020. Required : Calculate basic and diluted earnings per share for 2020.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Below is the financial data of FIT Corp. at the end of January 31, 2020. Prepare a traditional income statement. Show your calculations of the numbers that are not directly given.

1. Direct Materials used      $70k
2. Direct labor hour recorded:    1600
3. Average DL hourly pay:   $35
4. Applied Overhead   $50k
5. Work In Process (WIP), Jan.1, 2020        $20k
6. WIP, Jan.31, 2020                    $10k
7. Finished Goods Inventory, Jan. 1, 2020 $40k
8. Finished Goods Inv., Jan. 31, 2020 $30k
9. Other expenses paid for during January are:
10. Salesmen, executives, and other corporate employees salary and bonuses $100k
11. New vehicle bought on credit and put in use on 1/1/2020. $24k, 10 years life
12. Rent and utilities paid for the first quarter    $33k
13. Shipped products $800k
14. Collected payment $600k
15. No interest payment made. Tax rate is 21%

Please show the calculations please, thank you!