In this task, you will create a Python script in which you will practice reading files in Python and writing them to a new output file. Construct a text file called Py4_Task3_input.txt that has the following lines:

4

Sandwiches 04 July 2020

Pasta 31 October 2014

Hot Dogs 15 November 2005

Tacos 25 December 1986

The first line of the file represents the number of lines in the data file. Write a loop that reads in each additional line (one line at a time) and stores this line first as a string, then converts it to a list, before moving on to reading the next line. Hint: the string for the second line should be Independence Day 04 July 2021 whereas the list for the second line should be [‘Independence’, ‘Day’, ‘04’, ‘July’, ‘2021’].

Create a second looping structure that outputs each line as a string, then as a list, before moving on to the next line. Name your output file Py4_Task3_output.txt. Name your main program Py4_Task3_teamnumber.py

Krasner Corporation is a diversified company with several manufacturing plants. Krasner’s

Houston Plant has been supplying parts to truck manufacturers for over 20 years. The last

shipment of truck parts from the Houston Plant will be made on December 31, 2018. Krasner’s

management is currently evaluating three alternatives relating to its soon-to-be-idle plant and

equipment in Houston.

Pufong Industries has offered to buy the Houston Plant for $3,000,000 cash on January 7, 2019.

Barreau Enterprises has offered to lease the Houston facilities for 4 years beginning on January 1, 2019. Barreau’s annual lease payments would be $500,000 plus 10%

of the gross dollar sales of all items produced in the Houston Plant. Probabilities of

Barreau’s annual gross dollar sales from the Houston Plant are estimated as follows:

                Annual Gross Dollar Sales                  Estimated Probability

                            $2,000,000                                                .1

                              4,000,000                                                .4

                              6,000,000                                                .3

                              8,000,000                                                .2

Krasner is considering the production of souvenir items to be sold in connection

with upcoming sporting events. The Houston Plant will be used to produce 70,000

items per month at an annual cash outlay of $2,250,000 during 2019, 2020, and 2021.

Ashley Payne, Vice President of Marketing, has recommended a selling price of $5

per item and believes the items will sell uniformly throughout 2019, 2020, and 2021.

The adjusted basis of the Houston Plant as of the close of business on December 31, 2018 will be $4,200,000. Krasner has used straight-line depreciation for all capital

Assets at the Houston Plant. If the Houston Plant is not sold, the annual straight-line

Depreciation expense for the plant and equipment will be $900,000 for the next 4 years. The market value of the plant and equipment on December 3, 2021 is estimated to be $600,000.

Krasner requires an after-tax rate of return of 16% for capital investment decisions

and is subject to a corporate tax rate of 40% on all income.

Calculate the present value at December 31, 2021 of the expected after-tax cash flows for each of the three alternatives available to Krasner Corporation regarding the Houston Plant. Assume all recurring cash flows take place at the end of the year.

Discuss the additional factors, both quantitative and qualitative, Krasner Corporation should consider before a decision is made regarding the disposition or use of the idle plant and equipment at the Houston plant

Krasner Corporation is a diversified company with several manufacturing plants. Krasner’s

Houston Plant has been supplying parts to truck manufacturers for over 20 years. The last

shipment of truck parts from the Houston Plant will be made on December 31, 2018. Krasner’s

management is currently evaluating three alternatives relating to its soon-to-be-idle plant and

equipment in Houston.

Pufong Industries has offered to buy the Houston Plant for $3,000,000 cash on January 7, 2019.

Barreau Enterprises has offered to lease the Houston facilities for 4 years beginning on January 1, 2019. Barreau’s annual lease payments would be $500,000 plus 10%

of the gross dollar sales of all items produced in the Houston Plant. Probabilities of

Barreau’s annual gross dollar sales from the Houston Plant are estimated as follows:

                Annual Gross Dollar Sales                  Estimated Probability

                            $2,000,000                                                .1

                              4,000,000                                                .4

                              6,000,000                                                .3

                              8,000,000                                                .2

Krasner is considering the production of souvenir items to be sold in connection

with upcoming sporting events. The Houston Plant will be used to produce 70,000

items per month at an annual cash outlay of $2,250,000 during 2019, 2020, and 2021.

Ashley Payne, Vice President of Marketing, has recommended a selling price of $5

per item and believes the items will sell uniformly throughout 2019, 2020, and 2021.

The adjusted basis of the Houston Plant as of the close of business on December 31, 2018 will be $4,200,000. Krasner has used straight-line depreciation for all capital

Assets at the Houston Plant. If the Houston Plant is not sold, the annual straight-line

Depreciation expense for the plant and equipment will be $900,000 for the next 4 years. The market value of the plant and equipment on December 3, 2021 is estimated to be $600,000.

Krasner requires an after-tax rate of return of 16% for capital investment decisions

and is subject to a corporate tax rate of 40% on all income.

Calculate the present value at December 31, 2021 of the expected after-tax cash flows for each of the three alternatives available to Krasner Corporation regarding the Houston Plant. Assume all recurring cash flows take place at the end of the year.

Discuss the additional factors, both quantitative and qualitative, Krasner Corporation should consider before a decision is made regarding the disposition or use of the idle plant and equipment at the Houston plant

This question was answered but please can you show me the workings, how the Present value was gotten?

Thanks

1. The following information is available for the first three years of operations for Santos Inc.:

1. Year              Taxable Income

      2020                         $850,000

      2021                           900,000

2. Depreciation of property, plant and equipment for financial reporting purposes amounts to $30,000 each year for 3 years beginning in 2020. The company is able to deduct the full cost under the IRS Code Section 179 $90,000 amount allowed for tax purposes in 2020 (note there is no tax depreciation in future years).
3. On July 1, 2020, $280,000 was collected in advance for rental of a building for a two-year period July 1, 2020 – June 30, 2022. The entire $280,000 was reported as taxable income in 2020. The company uses the accrual basis of accounting for financial statement purposes.
4. In 2021 Santos Company recorded a $40,000 accrual for litigation liability which will be paid in 2022.
5. The company sells its merchandise on an installment contract basis. In 2020, Santos Inc. reported gross profit of $220,000 tax purposes, and $520,000 for financial statement purposes. This will result in taxable amounts of $150,000 in each of the next two years.
6. Warranty expense accrued for financial reporting was $12,000 in 2020. Warranty deductions on the tax returns were $7,000 in 2020 and $5,000 in 2021.
7. Santos Inc. paid a $2,000 fine in 2021 for violating pollution laws.
8. The enacted tax rates existing at December 31, 2020 are 20% for 2020 and 25% for 2021 and thereafter.      

Instructions

1. Complete the worksheet provided. It includes the following.
   1. A reconciliation of Book Income to Taxable Income for 2020.
   2. A schedule of future taxable and (deductible) amounts at the end of 2020.
   3. A schedule of the deferred tax (asset) and liability at the end of 2020.
   4. The journal entry to record income tax expense, deferred income taxes, and income tax payable for 2020.
2. Show how the deferred income taxes should be reported on the Balance Sheet at December 31, 2020.
3. Show how the taxes should be reported on the Income Statement at December 31, 2020.
4. Repeat a. to f. above for 2021.

****Please show calculations or how you got the figures.

I will upload worksheet in a comment

The following information is available for a corporation:

January 1st, 2020 Shares outstanding: 1,250,000

April 1, 2020 Shares Issued: 200,000

July 1, 2020 Purchased Treasury Stock 75,000

October 1, 2020 Issued a 2 for 1 stock split

The number of shares to be used in computing earnings per common share for 2020 is

A) 2,737,500

B) 2,825,500

C) 2,725,000

D) 1,706,250

Required: Discuss the Net Capital Gain for Simon for the 2019-20 tax year. In your answer, ignore any possible application of the small business concessions.

Where appropriate support your answer with legislative and case authority.

Simon bought his first house in April 2015 and paid $600,000 for it, as well as paying stamp duty in the amount of $30,000. After living in it for 2 years, he commenced renting it out in April 2017. At the time, its market value was $650,000. After it had been rented out for a year, Simon had the entire house repainted, during April 2018, at a cost of $5,000. At the same time, Simon also put in new decking in the backyard of the house (there was no decking there beforehand). This cost $3,000 in wood and other parts. Simon did the work on the decking himself. He estimates that the labour would have cost $7,000 had he paid someone else to do it.

In 2019, Simon paid $5,000 in legal fees. The next-door neighbour to the house disputed ownership of the some of the land that Simon’s house occupied. The neighbour was unsuccessful in their claim.

During February 2020, Simon sold the house to his sister for $800,000. He estimates that the market value at the time was $900,000.

Simon also inherited an apartment from his uncle in May 2017, which he immediately rented out. At the time, its market value was $500,000. His uncle had purchased the house in 1980 for $50,000 and had used it as a rental property. During May 2018, Simon took a $40,000 mortgage on this apartment, which he used to renovate the kitchen and bathroom. During May 2020, Simon sold this apartment for $700,000, with the purchaser agreeing to take over the remaining mortgage of $30,000 on the apartment.

During June 2020, Simon sold some shares for $250,000. These had been purchased in 2017 for $320,000.

Required: Discuss the Net Capital Gain for Simon for the 2019-20 tax year. In your answer, ignore any possible application of the small business concessions.

Where appropriate support your answer with legislative and case authority.

Simon bought his first house in April 2015 and paid $600,000 for it, as well as paying stamp duty in the amount of $30,000. After living in it for 2 years, he commenced renting it out in April 2017. At the time, its market value was $650,000. After it had been rented out for a year, Simon had the entire house repainted, during April 2018, at a cost of $5,000. At the same time, Simon also put in new decking in the backyard of the house (there was no decking there beforehand). This cost $3,000 in wood and other parts. Simon did the work on the decking himself. He estimates that the labour would have cost $7,000 had he paid someone else to do it.

In 2019, Simon paid $5,000 in legal fees. The next-door neighbour to the house disputed ownership of the some of the land that Simon’s house occupied. The neighbour was unsuccessful in their claim.

During February 2020, Simon sold the house to his sister for $800,000. He estimates that the market value at the time was $900,000.

Simon also inherited an apartment from his uncle in May 2017, which he immediately rented out. At the time, its market value was $500,000. His uncle had purchased the house in 1980 for $50,000 and had used it as a rental property. During May 2018, Simon took a $40,000 mortgage on this apartment, which he used to renovate the kitchen and bathroom. During May 2020, Simon sold this apartment for $700,000, with the purchaser agreeing to take over the remaining mortgage of $30,000 on the apartment.

During June 2020, Simon sold some shares for $250,000. These had been purchased in 2017 for $320,000.

:Discuss the Net Capital Gainfor Simonfor the 2019-20 tax year. In your answer,ignore any possible application of the small business concessions.

Where appropriate support your answer with legislative and case authority.

Simon bought his first house in April 2015 and paid $600,000 for it, as well as paying stamp duty in the amount of $30,000. After living in it for 2 years, he commenced renting it out in April 2017. At the time, its market value was $650,000. After it had been rented out for a year, Simon had the entire house repainted,during April 2018, at a cost of $5,000. At the same time,Simon also put in new decking in the backyard of the house (there was no decking there beforehand). This cost $3,000 in wood and other parts. Simon did the work on the decking himself.He estimates that the labourwould have cost $7,000 had he paid someone else to do it.

In 2019, Simon paid $5,000 in legal fees. The next-door neighbour to the house disputed ownership of the some of the land that Simon’s house occupied. The neighbour was unsuccessful in their claim.

During February 2020, Simon sold the house to his sister for $800,000. He estimates that the market value at the time was $900,000.

Simon also inherited anapartment from his uncle in May 2017, which he immediately rented out. At the time, its market value was $500,000. His uncle had purchased the house in 1980 for $50,000 and had used it as a rental property. During May 2018, Simon took a $40,000 mortgage on this apartment, which he used to renovate the kitchen and bathroom. During May 2020, Simon sold this apartment for $700,000, with the purchaser agreeing to take over the remaining mortgage of $30,000 on the apartment.

During June 2020, Simon sold some shares for $250,000. These had been purchased in 2017 for $320,000.

a salary adjustment was given to two retail stores recently merged. Ten employees' salaries were recorded before and after the adjustment. The average difference was an increase of $2,250 with a standard deviation of $1,100. Test if the increase is significant at the .10 level?