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09-29-2022
10:46 AM
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Several business assets were sold during the year. A schedule attached to the partnership’s financial statements provides these details:
Asset |
Date Sold |
Sales Price |
Cost | Accumulated Depreciation | Financial Gain/(Loss) |
Land | * 03/12/21 | $ 47,424 | $ 59,280 | $ -0- | ($11,856) |
Buildings | * 03/12/21 | 32,026 | 35,568 | 5,632 | 2,090 |
M&E (Acq. 2017) | ** 04/20/21 | 5,928 | 35,568 | 14,227 | (15,413) |
M&E (Acq. 2019) | ** 04/20/21 | 23,698 | 23,712 | 5,335 | 5,321 |
Totals |
| $109,076 | $154,128 | $25,194 | $(19,858) |
* The land and buildings were sold to Simon Jones for independently appraised fair market values. Both assets were acquired on 10/01/94.
** All machinery and equipment disposed of during the year were sold to an unrelated third party.
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