ZuoTi.Pro
Question

Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original...

Way Corporation disposed of the following tangible personal property assets in the current year.

Date Date Original
Asset Acquired Sold Convention Basis
Furniture (7-year) 5/12/15 7/15/19 HY $ 72,500
Machinery (7-year) 3/23/16 3/15/19 MQ 89,500
Delivery truck* (5-year) 9/17/17 3/13/19 HY 34,000
Machinery (7-year) 10/11/18 8/11/19 MQ 288,200
Computer (5-year) 10/11/19 12/15/19 HY 94,000

*Used 100 percent for business.

Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.)

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Asset

Original basis

Quarter

If mid-quarter

Rate

Portion of Year

Depreciation expense

Furniture

72500

n/a

8.93%

50.00%

3237

Machinery

89500

1st

10.93%

12.50%

1223

Delivery truck

34000

n/a

19.20%

50.00%

3264

Machinery

288200

4th

27.55%

62.50%

49624

Computer

94000

n/a

0.00%

50.00%

0

Total Depreciation Expense

$57348
0 0
Add a comment
Know the answer?
Add Answer to:
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Way Corporation disposed of the following tangible personal property assets in the current year. Date Date...

    Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/15 7/15/19 HY $ 87,500 Machinery (7-year) 3/23/16 3/15/19 MQ 104,500 Delivery truck* (5-year) 9/17/17 3/13/19 HY 46,000 Machinery (7-year) 10/11/18 8/11/19 MQ 303,800 Computer (5-year) 10/11/19 12/15/19 HY 106,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation deduction (ignore §179 expense and bonus...

  • Way Corporation disposed of the following tangible personal property assets in the current year. Date Date...

    Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/13 7/15/19 HY $ 55,000 Machinery (7-year) 3/23/14 3/15/19 MQ 72,000 Delivery truck* (5-year) 9/17/16 3/13/19 HY 20,000 Machinery (7-year) 10/11/17 8/11/19 MQ 250,000 Computer (5-year) 2/11/19 12/15/19 HY 80,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation expense (Way has not used §179...

  • Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold Original Convention HY MO HY MO HY Basis Asset Furniture (7-year) Machinery (7...

    Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold Original Convention HY MO HY MO HY Basis Asset Furniture (7-year) Machinery (7-year) Delivery truck (s-year) Machinery (7-year) Computer (5-year) 5/12/2814 7/15/2818 3/23/2815 3/15/2818 9/17/2816 3/13/2818 18/11/2817 8/11/2818 18/11/2818 12/15/2818 112,588 129,588 66.888 329,888 126,808 "Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2018 depreciation deduction (ignore S179 expense and bonus depreciation...

  • Part A Way Corporation disposed of the following tangible personal property assets in the current year...

    Part A Way Corporation disposed of the following tangible personal property assets in the current year Date Date Sold 5/12/13 7/15/19 Original Basis $ 55,000 Acquired Asset Convention Furniture (7-year) Machinery (7-year) Delivery truck* (5- year) Machinery (7-year) 10/11/17 8/11/19 Computer (5-year) HY 3/23/14 3/15/19 мо 72,000 9/17/16 3/13/19 HY 20,000 250,000 80,000 мO HY 2/11/1912/15/19 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2019 depreciation expense (Way has not...

  • Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture...

    Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5- year) Machinery (7-year) Computer (5-year) Date Date Original Acquired Sold Sold Convention Convention Basis 5/12/15 7/15/19 HY $ 105,000 3/23/16 3/15/19 122,000 9/17/17 3/13/19 60,000 10/11/18 8/11/19 322,000 10/11/19 12/15/19 120,000 "Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2019 depreciation deduction (ignore 5179 expense and bonus depreciation...

  • 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...

  • Evergreen Corporation (calendar-year-end) acquired the following assets during the current year (ignore §179 expense and bonus...

    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.) Date Placed Original Asset in Service Basis Machinery October 25 $ 70,000 Computer equipment February 3 10,000 Used delivery truck* August 17 23,000 Furniture April 22 150,000 *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on Evergreen’s property in the current year? b. What would be...

  • 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...

  • 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...

  • Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus...

    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.) Date Placed Original Asset in Service Basis Machinery October 25 $ 112,000 Computer equipment February 3 41,500 Used delivery truck* August 17 54,500 Furniture April 22 202,500 *The delivery truck is not a luxury automobile. b. What is the allowable MACRS depreciation on Evergreen’s property in the current year if Evergreen does not...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT