Part C
2019 cost recovery = $1206926
Description |
Cost |
Sec. 179 Expense |
Bonus |
MACRS Basis |
Current MACRS Expense |
Total Expense |
2018 Assets |
||||||
Office Furniture |
150000 |
|
- |
- |
||
Machinery |
1560000 |
710000 |
173879 |
173879 |
||
Used Delivery Truck |
40000 |
40000 |
12800 |
12800 |
||
2019 Assets |
||||||
Computers & Info. System |
400000 |
400000 |
- |
- |
- |
|
Luxury Auto |
80000 |
8,000 |
72,000 |
10000 |
18000 |
|
Assembly Equipment |
1200000 |
1000000 |
200000 |
- |
- |
1000000 |
Storage Building |
700000 |
700000 |
2247 |
2247 |
||
Totals |
4130000 |
1000000 |
608000 |
1522000 |
192086 |
1206926 |
710000*24.49% = 173879
40000*32% = 12800
700000*0.321% = 2247
roblems 1.6 Required information The following information applies to the questions displayed below! Karane Enterprises, a...
Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2018 Machinery 1,560,000 07/22/2018 Used delivery truck* 40,000 08/17/2018 *Not considered a luxury automobile. During 2018, Karane was very successful (and...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Date Placed in Service 02/03/2018 Asset Cost Office furniture 150,000 Machinery Used delivery truck* 07/22/2018 1,560,000 40,000 08/17/2018 Not considered a luxury automobile. During 2018, Karane was very successful (and had no S179 limitations) and decided to acquire more assets in 2019...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2018 Machinery $ 1,560,000 07/22/2018 Used delivery truck* $ 40,000 08/17/2018 *Not considered a luxury automobile. During 2018, Karane was very successful (and had no §179 limitations) and decided to acquire more...
Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Static)Skip to question[The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: AssetCostDate Placed in ServiceOffice furniture$ 150,00002/03/2020Machinery1,560,00007/22/2020Used delivery truck*40,00008/17/2020*Not considered a luxury automobile. During 2020, Karane was very successful (and had no...
Required information The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2019 taxable income of $256,000 for purposes of computing the 5179 expense. It acquired the following assets in 2019: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) Total Purchase Date Basis December 1 $ 466,000 February 28 106,800 July 15 46,000 May 22 496,000 $1,114,000 c. What would...
Seved Required Information (The following information applies to the questions displayed below) Assume that Timberline Corporation has 2019 taxable income of $256.000 for purposes of computing the 5179 expense.it acquired the following assets in 2019: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Asset Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) Total Purchase Date Basis December 1 $ 466,000 February 28 106,000 July 15 46,000 May 22 496,000 $1,114,000 c. What would...