FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Asset Office furniture Machinery Used delivery truck* Cost $ 270,000 1,584,000 64,000 Asset *Not considered a luxury automobile. During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022: Date Placed in Service 02/03/2021 07/22/2021 08/17/2021 Computers and information system Luxury auto* Assembly equipment Storage building Cost $ 424,000 86,000 1,320,000 700,000 Date Placed in Service 03/31/2022 05/26/2022 08/15/2022 11/13/2022 *Used 100% for business purposes. Karane generated taxable income in 2022 of $1,762,500 for purposes of computing the §179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.
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Transcribed Image Text:Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Asset Office furniture Machinery Used delivery truck* Cost $ 270,000 1,584,000 64,000 Asset *Not considered a luxury automobile. During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022: Date Placed in Service 02/03/2021 07/22/2021 08/17/2021 Computers and information system Luxury auto* Assembly equipment Storage building Cost $ 424,000 86,000 1,320,000 700,000 Date Placed in Service 03/31/2022 05/26/2022 08/15/2022 11/13/2022 *Used 100% for business purposes. Karane generated taxable income in 2022 of $1,762,500 for purposes of computing the §179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.
Comprehensive Problem 10-76 Part b (Algo) Required: b. Compute the maximum 2022 depreciation deductions, including §179 expense (ignoring bonus depreciation). Description 2021 Assets Office furr ure Machinery Used delivery truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total Cost Section 179 Expense 0 $ 0 MACRS Basis O Current MACRS Depreciation $ Total Cost Recovery Deduction 0 $ 0 0 0 0 0 0 0 0
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Transcribed Image Text:Comprehensive Problem 10-76 Part b (Algo) Required: b. Compute the maximum 2022 depreciation deductions, including §179 expense (ignoring bonus depreciation). Description 2021 Assets Office furr ure Machinery Used delivery truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total Cost Section 179 Expense 0 $ 0 MACRS Basis O Current MACRS Depreciation $ Total Cost Recovery Deduction 0 $ 0 0 0 0 0 0 0 0
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Step 1: Modified Accelerated Cost Recovery System (MACRS):
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Step 2: (b) Compute the maximum 2022 depreciation deductions, including §179 expense:
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