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, 2017

use form 4797

Answer 1

(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