Fixed Asset ProjectSanta, Jr. started a small toy factory, Toys, Inc., in his garage and incorporated it in March of 2019 as a calendar-year corporation. At that time, he began using his personal computer and tools solely for the business as part of his contribution to start and fund the corporation. The computer cost $2,700 but had a fair market value of only $900 at conversion and the tools, which had cost $1,500, were valued at $1,100. During 2019, Toys, Inc. purchased two machines: Toymaker 1, purchased on May 2, cost $24,000; Toymaker 2, purchased on June 5, cost $40,000.The corporation expensed Toymaker 1 under Section 179. The computer, tools, and Toymaker 2 were depreciated using MACRS only. The corporation did not take any depreciation on the garage in 2019 nor did Santa charge the business rent because the business moved to a building purchased by Toys, Inc. for $125,000 on January 5, 2020.On January 20, 2020, Toys, Inc. purchased $4,000 of office furniture and on July 7, it purchased Toymaker 3 for $48,000.On February 4, 2021, Toys, Inc. bought a new computer system for $5,100. It sold the old computer the same day for $300. On March 15, it sold Toymaker 1 for $6,000 and purchased a more versatile machine for $58,000. On August 15, Toys, Inc. sold bonds it had purchased with $9,800 of the cash Santa had originally contributed to the corporation. The bonds were sold for $10,400 to pay creditors. On October 31, Toys, Inc. purchased a purple Dodge Durango to use for deliveries. The vehicle is used 100% for business purposes. The business takes only the maximum allowable MACRS depreciation deduction on assets purchased in 2021 with no bonus or Section 179. Toys, Inc. acquired no new assets in 2022.Assume the depreciation rules for 2021 and 2022 are the same as for 2020, except for the bonus depreciation rules. Bonus Depreciation allowance should be as written in the Internal Revenue Code (and as presented in your textbook).Assume the business has income of $5,000,000 for each year in question. Use the spreadsheet provided to calculate the following:Use the drop-down boxes provided to answer the questions about bonus and sect. 179 and to enter the useful life, depreciation method and convention for each asset. Use Excel to calculate depreciation expense for each asset for each year (2020-2022), total depreciation expense for each year and to calculate gains or losses on the assets sold in 2021.Submit the Excel spreadsheet electronically through Canvas, formatted to one page, no later than Tuesday, December 1 at midnight. Calculate the realized and recognized gains/losses in the same spreadsheet, under the depreciation schedule, clearly labeling the answers and the parts of the calculations. The only thing that needs to be turned in is the Excel spreadsheet.

FIN360 CH 18 Worksheet

Student Name:

Based on the following information:

Inventory:

Beginning = 200,000Ending = 300,000

Accounts Receivable:

Beginning = 160,000Ending = 200,000

Accounts Payable:

Beginning = 75,000Ending = 100,000

Net sales = 1,150,000

Cost of Goods sold = 820,000

Calculate the following:

Inventory period
Receivables period
Operating cycle
Payables Period
Cash Cycle

Formulas:

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