Solution 1 2 Num 2014 Adj 1 A 569 888 of new equipment was purchased and placed in service on 6 18 2014 An old medical equipment was sold to an unrelated
Solution Num Adj A of new equipment was purchased and placed in service on An old medical equipment
Solution Num Adj A of new equipment was purchased and placed in service
of new equipment was purchased and placed in service on An old medical equipment was sold to an unrelated
Solution Num Adj A of new equipment was purchased and placed
in service on An old medical equipment was sold to an unrelated
Solution Num Adj A of new equipment was purchased
Solution Num Adj A
(Solution) 1 2 Num 2014 Adj 1 A $569,888 of new equipment was purchased and placed in service on 6/18/2014. An old medical equipment was sold to an unrelated...

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Based on the attached information, could someone help me solve the AJE adjustments 1 (only)?1 A $569,888 of new equipment was purchased and placed in service on 6/18/2014. 2 An old medical equipment was sold to an unrelated party for $75,000 cash. The original cost of the equipment was $300,000 and it was fully depreciated (no Sec. 179). The cash was deposited in one of the shareholders personal accounts. a Provide a journal entry to calculate the gain on sale and adjust the fixed asset and accumulated depreciation accounts. Num Memo Account Debit Credit 2014 Adj 1 to sell obsolete equipment 17000 · Accumulated Depreciation to sell obsolete equipment 16100 · Medical Equipment to sell obsolete equipment 18100 · Loan to Shareholder to sell obsolete equipment 75000 · Gain on Sale of Assets 0.00 0.00 b What is the nature of this gain? 3 Could this sale have been conducted in a diferent way to avoid taxable income? How?

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