PTA Seminars, Inc. (Federal ID #: 25-1234567) purchased all of its equipment whe
ID: 2391935 • Letter: P
Question
PTA Seminars, Inc. (Federal ID #: 25-1234567) purchased all of its equipment when it opened on December 1, 2015. It has decided to purchase new equipment, but needed to sell some of the old equipment. Asset??Original Cost??Acc Depreciation?Sales price?Date sold Computer?$ 3,000??$(1,200)??$1,000??Jan 15, 2017 Copier??$ 5,000??$(4,000)??$2,000??May 20, 2017 Furniture?$25,000??$(20,000)??$11,000?June 7, 2017use form 4797
PTA Seminars, Inc. (Federal ID #: 25-1234567) purchased all of its equipment when it opened on December 1, 2015. It has decided to purchase new equipment, but needed to sell some of the old equipment. Asset??Original Cost??Acc Depreciation?Sales price?Date sold Computer?$ 3,000??$(1,200)??$1,000??Jan 15, 2017 Copier??$ 5,000??$(4,000)??$2,000??May 20, 2017 Furniture?$25,000??$(20,000)??$11,000?June 7, 2017
use form 4797
PTA Seminars, Inc. (Federal ID #: 25-1234567) purchased all of its equipment when it opened on December 1, 2015. It has decided to purchase new equipment, but needed to sell some of the old equipment. Asset??Original Cost??Acc Depreciation?Sales price?Date sold Computer?$ 3,000??$(1,200)??$1,000??Jan 15, 2017 Copier??$ 5,000??$(4,000)??$2,000??May 20, 2017 Furniture?$25,000??$(20,000)??$11,000?June 7, 2017
use form 4797
Explanation / Answer
(a) Description of Property
(b) Date Acquired
(C) Date Sold
(D) Gross Sales Price
(E) Deprecation allowed since acquisition
(f) Cost or other basis, plus improvements and expense of sales
(g) Gain or (loss) subtract (f) from the sum of (d) and (e)
Computer
Dec. 1, 2015
Jan. 15, 2017
1000
1200
3000
-800
Copier
Dec. 1, 2015
Jan. 20, 2017
2000
4000
5000
1000
Furniture
Dec. 1, 2015
Jan. 7, 2017
11000
20000
25000
6000
(a) Description of Property
(b) Date Acquired
(C) Date Sold
(D) Gross Sales Price
(E) Deprecation allowed since acquisition
(f) Cost or other basis, plus improvements and expense of sales
(g) Gain or (loss) subtract (f) from the sum of (d) and (e)
Computer
Dec. 1, 2015
Jan. 15, 2017
1000
1200
3000
-800
Copier
Dec. 1, 2015
Jan. 20, 2017
2000
4000
5000
1000
Furniture
Dec. 1, 2015
Jan. 7, 2017
11000
20000
25000
6000
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