Required information(The following information applies to the questions displayed below.)Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $698,000 for purposes of computing the5179 expense. The company acquired the following assets during 2021:Placed inAssetServiceBasinHachineryComputer equipnentSeptember 12February 10April 2$ 2,276,000270, 800890,200FurnitureTotal$3,437,000b. What is the maximum total depreciation, Including 5179 expense, that TDW may deduct in 2021 on the assets it placed in service in2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollaramount.)Answer is complete but not entirely correct.Madmum total depreciation deduction (including 5170 expense)620,604

Part A Maximum depreciation expense $233,000 Description Amount Explanation (1)…

Required information (The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $698,000 for purposes of computing the 8179 expense. The company acquired the following assets during 2021: Placed in Service Asset Hachinery Computer equipnent Purniture Basis September 12 Pebruary 10 April 2 $2,276,000 270,800 890, 200 3,437,000 Total b. What is the maximum total depreciation, including $179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct.

Required information (The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $698,000 for purposes of computing the 8179 expense. The company acquired the following assets during 2021: Placed in Service Asset Hachinery Computer equipnent Purniture Basis September 12 Pebruary 10 April 2 $2,276,000 270,800 890, 200 3,437,000 Total b. What is the maximum total depreciation, including $179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $696,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 2,275,750 Computer equipment February 10 270,475 Furniture April 2 889,775 Total $ 3,436,000 What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
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Required information [The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2021 taxable income of $262,000 for purposes of computing the 8179 expense. It acquired the following assets in 2021 (Use MACRS Table 1. Iable 2. Table 3. Toble 4 and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Purchase Date December 1 February 28 July 15 May 22 Basis $ 416,000 112,000 52,000 470,000 $ 1,050,000 Total b. What would Timberline's maximum depreciation deduction be for 2021 assuming no bonus depreciation? (Round your intermediete calculations and final answer to the nearest whole doller amount.) Maximum Depreciation Deduction (ncluding 5170 expense)
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