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 Date Placed in Service Original Basis Machinery October 25 $ 78,000 Computer equipment February 3 18,000 Delivery truck* March 17 31,000 Furniture April 22 158,000 Total   $ 285,000 *The delivery truck is not a luxury automobile.   In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $380,000.   a. What is the allowable MACRS depreciation on Convers’s property in the current year assuming Convers does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 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)?       Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period   3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1   33.33%   20.00%   14.29%   10.00%   5.00%   3.750% Year 2  44.45 32.00 24.49 18.00 9.50 7.219 Year 3  14.81 19.20 17.49 14.40 8.55 6.677 Year 4    7.41 11.52 12.49 11.52 7.70 6.177 Year 5   11.52   8.93   9.22 6.93 5.713 Year 6     5.76   8.92   7.37 6.23 5.285 Year 7       8.93   6.55 5.90 4.888 Year 8       4.46   6.55 5.90 4.522 Year 9         6.56 5.91 4.462 Year 10         6.55 5.90 4.461 Year 11         3.28 5.91 4.462 Year 12         5.90 4.461 Year 13         5.91 4.462 Year 14         5.90 4.461 Year 15         5.91 4.462 Year 16         2.95 4.461 Year 17           4.462 Year 18           4.461 Year 19           4.462 Year 20           4.461 Year 21           2.231   TABLE 2a MACRS Mid-Quarter Convention: For property placed in service during the first quarter Depreciation Rate for Recovery Period   5-Year 7-Year Year 1 35.00% 25.00% Year 2 26.00 21.43 Year 3 15.60 15.31 Year 4 11.01 10.93 Year 5 11.01 8.75 Year 6 1.38 8.74 Year 7   8.75 Year 8   1.09 TABLE 2b MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period   5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 8.87 Year 6 4.26 8.87 Year 7   8.87 Year 8   3.34 TABLE 2c MACRS Mid-Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period   5-Year 7-Year Year 1    15.00%    10.71% Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Year 5 11.30 9.30 Year 6  7.06  8.85 Year 7    8.86 Year 8    5.53 TABLE 2d MACRS-Mid Quarter Convention: For property placed in service during the fourth quarter Depreciation Rate for Recovery Period   5-Year 7-Year Year 1      5.00%      3.57% Year 2 38.00 27.55 Year 3 22.80 19.68 Year 4 13.68 14.06 Year 5 10.94 10.04 Year 6  9.58   8.73 Year 7     8.73 Year 8     7.64     TABLE 5 Nonresidential Real Property Mid-Month Convention Straight Line—39 Years (for assets placed in service on or after May 13, 1993) Month Property Placed in Service   Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Year 1    2.461%    2.247%    2.033%    1.819%    1.605%    1.391%    1.177%    0.963%    0.749%    0.535%    0.321%    0.107% Year 2–39 2.564 2.564 2.564 2.564 2.564 2.564 2.564 2.564 2.564 2.564 2.564 2.564 Year 40 0.107 0.321 0.535 0.749 0.963 1.177 1.391 1.605 1.819 2.033 2.247 2.461

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 August 17 April 22 Original Basis $ 108,000 38,500 51,500 197,500 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of $179 expense? Depreciation

! Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $37,000 and sold it three years later for $18,800. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $11,800 instead of $18,800. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal

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! Required information [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $67,500? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)

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Lax LLC purchased only one asset during the current year (a full 12-month tax year). On August 26 Lax placed in service computer equipment (five-year property) with a basis of $28,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation).    Question 1 options:   $4,458   None of the choices are correct.   $4,600   $5,600   $3,600

In recent years, Tamarisk Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 2 1 3 (a1) Acquired Jan. 1, 2020 July 1, 2021 Nov. 1, 2021 Depreciable cost $ eTextbook and Media (a2) Save for Later For the declining-balance method, Tamarisk Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 39,000. Actual hours of use in the first 3 years were 2021, 700; 2022, 4,300; and 2023, 7,400. MACHINE 1 Cost $ 97,200 89,500 86,000 MACHINE 2 Salvage Value $ 13,000 10,000 8,000 For Machine #3, calculate depreciable cost per hour under units-of-activity method. MACHINE 3 Useful Life (in years) $ 8 Accumulated depreciation 5 6 Depreciation Method Compute the amount of accumulated…

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