![Required information The following information applies to the questions displayed below.] Evergreen Corporation (calendar-yea](http://img.homeworklib.com/questions/afb40850-2e26-11ea-80c7-1fdc35972380.png?x-oss-process=image/resize,w_560)
Homework Answers
|
MACRS Depreciation |
$45497 |
|
Asset |
Placed in service |
Original basis |
Rate |
Depreciation |
|
Computer equipment (5 year) |
February 3 |
19000 |
20.00% |
3800 |
|
Furniture (7 year) |
April 22 |
165000 |
14.29% |
23579 |
|
Used delivery truck (5 year) |
August 17 |
32000 |
20.00% |
6400 |
|
Machinery (7 year) |
October 25 |
82000 |
14.29% |
11718 |
|
Total |
$45497 |
Evergreen cannot make use of the mid-quarter convention because only 27.52% of its tangible personal property was placed in service during the 4th quarter (82,000/298,000). Moreover, the delivery truck is not to be treated as a luxury auto
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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...
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...
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 S179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2) Date Placed Original Basis $ 70,000 10,000 in Service Asset Machinery Computer equipment Used delivery truck Furniture October 25 February 3 August 17 April 22 23,000 150,000 The delivery truck is not a luxury automobile. b. What is the allowable MACRS depreciation...
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...
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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 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...
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 [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...
Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer...
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...
Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2, and...
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 transaction when the shareholder contributed the copier to the business in...
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...
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 S179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2) Date Placed Original Basis $ 70,000 10,000 in Service Asset Machinery Computer equipment Used delivery truck Furniture October 25 February 3 August 17 April 22 23,000 150,000 The delivery truck is not a luxury automobile. b. What is the allowable MACRS depreciation...
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 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...
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