Homework Answers
Answer:
a) Under the half year convention for personal property :-
| Assets | Purchase Date | Cost Basis (A) | Rate (B) | Depreciation (A*B) |
| Computer Equipment | March 4 | $18,200 | 20% | $3640 |
| Furniture | March 28 | $20,300 | 14.29% | $2901 |
| Building | October 14 | $306,000 | 0.321% | $982 |
| Total | 7523 |
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Required information The following information applies to the questions displayed below DLW Corporation acquired and placed...
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed...
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computer equipment 3/8 $ 12,500 Furniture 4/15 18,100 Commercial building 12/13 311,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final...
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed...
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computer equipment 3/8 $ 12,500 Furniture 4/15 18,100 Commercial building 12/13 311,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final...
DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset...
DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computer equipment 2/17 $ 10,000 Furniture 5/12 $ 17,000 Commercial building 11/1 $ 270,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What...
QUESTION 5 DLW Corporation acquired and placed in service the following assets during the year: Asset...
QUESTION 5 DLW Corporation acquired and placed in service the following assets during the year: Asset Cost Basis Computer equipment Furniture Commercial building Date Acquired 2/17 5/12 $10,000 $16,000 $270,000 1171 Assuming DLW does not elect 5179 expensing and elects not to use bonus depreciation, what is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 1/23 of year 3? Question 3 Poplock acquired and placed in service the following assets during the...
Required information The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the...
Required information The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2) Original Basis Date Placed in Service Asset Machinery Computer equipment Used delivery truck Furniture October 25 82,000 19,000 32,000 165,000 February 3 August 17 April 22 The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on...
QUESTIONS DLW Corporation acquired and placed in service the following assets during the year Asset Computer...
QUESTIONS DLW Corporation acquired and placed in service the following assets during the year Asset Computer equipment Furniture Commercial building Date Acquired 2/17 5/12 11/1 Cost Basis $10,000 $16.000 $270.000 Assuming DLW does not elect 5179 expensing and elects not to use bonus depreciation, what is DLWs year 3 cost recovery for each asset if DLW sells all of these assets on 1/23 of year 37 QUESTION G On November 10 of yoor 1 Javier purchased a building, including the...
Required information (The following information applies to the questions displayed below.] At the beginning of the...
Required information (The following information applies to the questions displayed below.] At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Cost Date Asset Acquired Basis Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) 3/23 9,800 11,800 10,000 318,000 5/12 9/17 10/11 10/11 128,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation,...
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the...
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis $ 88,000 23,500 36,500 172,500 *The delivery truck is not a luxury automobile. b. What is the allowable MACRS depreciation...
The following information applies to the questions alsplay At the beginning of the year, Anna began...
The following information applies to the questions alsplay At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during th year Cost Basis Date Acquired 1/30 2/15 7/25 8/13 Asset $ 38,500 $ 42,500 $ 85,see $ 414,000 Computers Office desks Machinery office building Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4...
Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the...
Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2, and Exhibit 10-10.) (Round your answer to the nearest whole dollar amount.) Asset Placed in Service Basis Used copier November 12 $ 7,800 New computer equipment June 6 14,000 Furniture July 15 32,000 New delivery truck October 28 19,000 Luxury auto January 31 70,000 Total $ 142,800 Burbank acquired the copier in a tax-deferred...
QUESTION 5 DLW Corporation acquired and placed in service the following assets during the year: Asset Cost Basis Computer equipment Furniture Commercial building Date Acquired 2/17 5/12 $10,000 $16,000 $270,000 1171 Assuming DLW does not elect 5179 expensing and elects not to use bonus depreciation, what is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 1/23 of year 3? Question 3 Poplock acquired and placed in service the following assets during the...
Required information The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2) Original Basis Date Placed in Service Asset Machinery Computer equipment Used delivery truck Furniture October 25 82,000 19,000 32,000 165,000 February 3 August 17 April 22 The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on...
QUESTIONS DLW Corporation acquired and placed in service the following assets during the year Asset Computer equipment Furniture Commercial building Date Acquired 2/17 5/12 11/1 Cost Basis $10,000 $16.000 $270.000 Assuming DLW does not elect 5179 expensing and elects not to use bonus depreciation, what is DLWs year 3 cost recovery for each asset if DLW sells all of these assets on 1/23 of year 37 QUESTION G On November 10 of yoor 1 Javier purchased a building, including the...
Required information (The following information applies to the questions displayed below.] At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Cost Date Asset Acquired Basis Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) 3/23 9,800 11,800 10,000 318,000 5/12 9/17 10/11 10/11 128,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation,...
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis $ 88,000 23,500 36,500 172,500 *The delivery truck is not a luxury automobile. b. What is the allowable MACRS depreciation...
The following information applies to the questions alsplay At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during th year Cost Basis Date Acquired 1/30 2/15 7/25 8/13 Asset $ 38,500 $ 42,500 $ 85,see $ 414,000 Computers Office desks Machinery office building Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4...
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