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Convers Corporation (calendar year-end) acc

Convers Corporation (calendar year-end) acc

FINANCIAL ACCOUNTING
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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! Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) 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 Delivery truck* Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 *The delivery truck is not a luxury automobile. Problem 10-54 Part b (Algo) Original Basis $ 112,000 52,000 65,000 192,000 $ 421,000 In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $72 b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount.
Transcribed Image Text:! Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) 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 Delivery truck* Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 *The delivery truck is not a luxury automobile. Problem 10-54 Part b (Algo) Original Basis $ 112,000 52,000 65,000 192,000 $ 421,000 In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $72 b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount.
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