FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Asset
Date
Acquired
Way Corporation disposed of the following tangible personal property assets in the current year.
Original
Basis
Date Sold
Convention
Furniture (7-year)
5/12/19
7/15/23
HY
$ 82,500
Machinery (7-year)
3/23/20
3/15/23
MQ
99,500
Delivery truck* (5-year)
9/17/21
3/13/23
HY
42,000
Machinery (7-year)
10/11/22
8/11/23
MQ
298,600
Computer (5-year)
10/11/23
12/15/23
HY
102,000
*Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore $179 expense
and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.)
Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Answer is complete but not entirely correct.
Depreciation deduction
$ 93,643 x
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Transcribed Image Text:Asset Date Acquired Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Convention Furniture (7-year) 5/12/19 7/15/23 HY $ 82,500 Machinery (7-year) 3/23/20 3/15/23 MQ 99,500 Delivery truck* (5-year) 9/17/21 3/13/23 HY 42,000 Machinery (7-year) 10/11/22 8/11/23 MQ 298,600 Computer (5-year) 10/11/23 12/15/23 HY 102,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Answer is complete but not entirely correct. Depreciation deduction $ 93,643 x
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