Homework Answers
| A | B | C | D | E | F | G | |
| 1 | Date Placed in Service | Asset | Cost | Life | Section 179 Elected | MACRS Basis | Year 1 MACRS Depreciation |
| 2 | January 30 *1 | Van | $55,000 | 5 years | 0 | 20% | $11,000 |
| 3 | June 12 * 1 | Survey Equipment | $180,000 | 7 yrs | $40,000 | 14.29% | $19,999 |
| 4 | 10-Nov | Computers | $100,000 | 5 yrs | 0 | 20% | $20,000 |
| 5 | Total Depreciation | $50,999 | |||||
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Calculate the depreciation on Mike's Corporation assets for Year 1 using the information in the tables...
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table...
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Date Placed Original Asset in Service Basis Machinery 25-Oct $ 78,000 Computer equipment 03-Feb $ 18,000 Used delivery truck* 17-Mar $ 31,000 Furniture 22-Apr $ 158,000 Total $ 285,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified improvement property) to...
Required information Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179...
Required information Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Used delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 72,000 $ 12,000 $ 25,000 $152,000 $ 261,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new...
Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current...
Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Date Placed Original Asset in Service Basis Machinery October 25 $ 106,000 Computer equipment February 3 $ 46,000 Used delivery truck* March 17 $ 59,000 Furniture April 22 $ 186,000 Total $ 397,000 *The delivery truck is not a luxury automobile. In addition to...
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...
Required information Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during...
Required information Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table2, and Table 5.) Asset Machinery Computer equipment Used delivery truck* Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 104,000 $ 44,000 $ 57,000 $184,000 $ 389,000 *The delivery truck is not a luxury automobile. In addition to...
how to do depreciation? Can you please give me one example of this of where putting the stuff at and i can do the rest. I am very confuse. V Assets Acquired in 2017 (This section may be helpful...
how to do depreciation? Can you please give me one example of
this of where putting the stuff at and i can do the rest. I am very
confuse.
V Assets Acquired in 2017 (This section may be helpful to fill out by hand first) Wolf P. purchased the following assets, all placed in service on 01/01/2017. Wolf P Inc. has elected out of Bonus Depreciation. Asset Cost New Kitchen Equipment Furniture Computers and software $350,000 $35,000 $12,000 $24,000 Food...
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...
In 2016, Oliver Co. purchased a business-use asset for $100,000. The asset has a 5-year ACS...
In 2016, Oliver Co. purchased a business-use asset for $100,000. The asset has a 5-year ACS GDS recovery period and is depreciated under MACRS GDS (no SL election). The asset was placed in service on October 10, 2016. This was the only asset that Oliverio. placed in service in 2016. Oliver Co. did not elect Section 179 deduction and elected out of Section 168(k) bonus depreciation. Oliver Co. sold the asset on February 1, 2019. What is the Oliver Co....
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...
3. (5 points) White Corporation purchases a heavy piece of machinery (7-year property) on November 8, 2019, at a co...
3. (5 points) White Corporation purchases a heavy piece of machinery (7-year property) on November 8, 2019, at a cost of $2,950,000. White Corporation has taxable income from its business in 2019 of $1,550,000 and elects to expense the maximum amount for the machinery purchase under Section 179 but elects out of bonus depreciation for this purchase. Compute White's allowable expensing deduction under Section 179 and allowable MACRS depreciation for the machinery in 2019 assuming that the machine is the...
Required information Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Used delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 72,000 $ 12,000 $ 25,000 $152,000 $ 261,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new...
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...
Required information Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table2, and Table 5.) Asset Machinery Computer equipment Used delivery truck* Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 104,000 $ 44,000 $ 57,000 $184,000 $ 389,000 *The delivery truck is not a luxury automobile. In addition to...
how to do depreciation? Can you please give me one example of
this of where putting the stuff at and i can do the rest. I am very
confuse.
V Assets Acquired in 2017 (This section may be helpful to fill out by hand first) Wolf P. purchased the following assets, all placed in service on 01/01/2017. Wolf P Inc. has elected out of Bonus Depreciation. Asset Cost New Kitchen Equipment Furniture Computers and software $350,000 $35,000 $12,000 $24,000 Food...
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...
3. (5 points) White Corporation purchases a heavy piece of machinery (7-year property) on November 8, 2019, at a cost of $2,950,000. White Corporation has taxable income from its business in 2019 of $1,550,000 and elects to expense the maximum amount for the machinery purchase under Section 179 but elects out of bonus depreciation for this purchase. Compute White's allowable expensing deduction under Section 179 and allowable MACRS depreciation for the machinery in 2019 assuming that the machine is the...
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