Question

Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
LOPP OPPO Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 Basis $1,192,000 a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year? Woolard's total depreciation

Answer 1

Group	No of Lots	Sales Price per Lot	Total Sales price	Relative sales price as %	Cost total	Cost allocated to lots	Cost per lot
1	9	$                3,600.00	$         32,400.00	20.7373%	$ 82,000.00	$                        17,005	$        1,889
2	15	$                4,800.00	$         72,000.00	46.0829%	$ 82,000.00	$                       37,788	$        2,519
3	18	$                2,880.00	$          51,840.00	33.1797%	$ 82,000.00	$                       27,207	$         1,512
			$       1,56,240.00			81999.918
Lots Sold :
Group	No of Lots	Sales Price per Lot	Total Sales price	Cost per lot	Total cost	Gross Profit
1	5	$                3,600.00	$          18,000.00	$                                1,889	$         9,447	$                          8,553
2	7	$                4,800.00	$         33,600.00	$                                2,519	$       17,634	$                        15,966
3	2	$                2,880.00	$            5,760.00	$                                 1,512	$         3,023	$                          2,737
			$         57,360.00		$       30,104
Computation of Net Income :
Sales		$                   57,360
Cost of goods sold		$                 (30,104)
Gross profit		$                   27,256
Operating expenses		$                 (15,000)
Net Income		$         12,256