FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Vinubhaiarrow_forward! Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Placed in Service September 12 February 10 Basis $ 1,430,000 Office building April 2 435,000 550,000 Total $ 2,415,000 a. What is the maximum amount of §179 expense AMP may deduct for 2022? Answer is complete but not entirely correct. Maximum §179 expense deductible $ 1,050,000 ×arrow_forwardDomesticarrow_forward
- 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 5179 expense. The company acquired the following assets during 2021: Placed in Asset Service Basin Hachinery Computer equipnent September 12 February 10 April 2 $ 2,276,000 270, 800 890,200 Furniture Total $3,437,000 b. What is the maximum total depreciation, Including 5179 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. Madmum total depreciation deduction (including 5170 expense) 620,604arrow_forwardChaz Corporation has taxable income in 2023 of $1,312,350 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service. September 12 February 10 August 21 September 30 Maximum total depreciation deduction Basis $ 794,000 944,000 82,000 1,513,000 $ 3,333,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.arrow_forward! Required information [The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $682,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,274,000 268,200 886,800 $ 3,429,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense) Check marrow_forward
- Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 Original Basis $ 90,000 July 25 95,000 April 22 220,000 Assume its taxable income for the year was $53,000 for purposes of computing the §179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Leave no answer blank. Enter zero if applicable. a. What is the maximum amount of $179 expense Dain's may deduct for the year? §179 expensearrow_forwardGiven explanation with formulaarrow_forwardChaz Corporation has taxable income in 2023 of $1,312,650 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Basis $ 806,000 956,000 94,000 1,525,000 $ 3,381,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.arrow_forward
- Vikrambhaiarrow_forwardAssume that TDW Corporation (calendar-year-end) has 2023 taxable income of $652,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4. and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,250 263,325 880,425 $ 3,414,000 Problem 10-57 Part b (Algo) b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense)arrow_forwardChaz Corporation has taxable income in 2023 of $1,312,450 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Office furniture September 12 Computer equipment February 10 Delivery truck August 21 Qualified real property (MACRS, 15 year, 150% DB) September 30 Total Basis $ 798,000 948,000 86,000 1,517,000 $ 3,349,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. J'ai besoin d'aidearrow_forward
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