FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required information Problem 10-53 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2) Asset Machinery Computer equipment Used delivery truck Furniture Date Placed in Service October 25 February 3 Original Basis $ 100,000 32,500 August 17 April 22 45,500 187,500 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-53 Part a (Algo) a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? Depreciation
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Transcribed Image Text:Required information Problem 10-53 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2) Asset Machinery Computer equipment Used delivery truck Furniture Date Placed in Service October 25 February 3 Original Basis $ 100,000 32,500 August 17 April 22 45,500 187,500 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Problem 10-53 Part a (Algo) a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? Depreciation
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Step 1: Define depreciation:
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Step 2: Determine the amount of allowable depreciation:
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