FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
Problem 02-54 Part b (Algo)
MACRS depreciation
Original
Basis
The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of
$740,000.
$ 114,000
54,000
67,000
194,000
$ 429,000
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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Transcribed Image Text: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 Problem 02-54 Part b (Algo) MACRS depreciation Original Basis The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $740,000. $ 114,000 54,000 67,000 194,000 $ 429,000 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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