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+aew *Replymal yFv wd _4 s? j r '.� X r . A • <br />Pnm, cqq 5Mt::: SM a /IVtom i:00 AM <br />rox <br />tt: <br />SV6f�1 NOfNWr AWemYmlt"PT 2aDD"Y Appaeciihp t6 E:gMretlan dete <br />Vendoc Agreement "PT- 2000 ", is pPronchang ice exp ltnt ian dote o£ 12/31;2007. <br />Please cevlew and Cake aP propel action. <br />In ­11V 1,111 are key data elements: <br />AcG1ve[1on D.— 01/01/2007 <br />Peview Date: 10/31:2007 <br />ExPI—Iln Dace: 12/31/2007 <br />Pe[rent. 'Pen, — dote: 0.33333 <br />Petcent Remeln Ing: 0.6"b <br />x x.xx Do No Respond — ch15 message, It Is an automated meaeage aene —d with La It— Business Intel ilgence <br />1- 1kll *T <br />-1 <br />Capital (Fixed) Assets <br />1. Explain the process for handling "trade in" credits. <br />Lawson Response: <br />In answering this question, it is assumed that an old asset is being traded in for a <br />new asset. Generally accepted accounting principles and the IRS describe this <br />process as a "like -kind exchange ". Lawson Asset Management application <br />provides the functionality to perform "like -kind exchanges" as required by the <br />IRS. In general, when you exchange an asset for a similar asset, and the <br />exchange results in a gain smaller than 25 percent, you must dispose of the old <br />asset, defer the temporary loss incurred, and then add a new asset that clears <br />the deferred loss and acknowledges the recognized gain. The recognized gain is <br />the proportional gain allowed by the Federal tax authorities. Lawson Asset <br />management automatically calculates the gain or loss and automatically records <br />the proper accounting transaction in the general ledger. <br />2. Explain the process of transferring Work -In- Progress to a fixed asset. <br />Lawson Response: <br />The project accounting module can track costs and asset information record in <br />posting level activities. When you are ready to create the asset, you'll need to <br />check a couple of things before running the process to transfer the activity <br />information to the Asset Management application. Lawson recommends that you <br />verify the following: <br />• All transactions have been to the activities <br />• Check to see that the capitalization flag is set to yes for account <br />categories eligible for capitalization <br />Lawson Software - Confidential 20 <br />