On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3

On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3

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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[The following information applies to the questions displayed below.] On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) c. Assume the building was purchased and placed in service on May 28 instead of October 7. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Deduction Year 1 Year 2 Year 3
Required information [The following information applies to the questions displayed below.) On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land, and the remaining $900,000 was allocated to the basis of the building (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What would be the year 3 depreciation deduction if the building was sold on August 1 of year 3? Answer is complete but not entirely correct. Year 3 depreciation deduction $ 23,076
[The following information applies to the questions displayed below.] On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) e. What would be the depreciation for 2021, 2022, and 2023 if the property were nonresidential property purchased and placed in service October 7, 2004 (assume the same original basis)? Depreciation Expense Year 2021 2022 2023
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[The following information applies to the questions displayed below.] On December 2 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,620,000; $385,000 was allocated to the basis of the land and the remaining $1,235,000 was allocated to the basis of the building. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount. a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3
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On November 18 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,500,500; $363,000 was allocated to the basis of the land and the remaining $1,137,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? What would be the year 3 depreciation deduction if the building was sold on January 22 of year 3? Assume the building was purchased and placed in service on October 13 instead of November 18. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? What would be the depreciation for 2022,…
dppiies displayed On October 7 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,304,500; $242,000 was allocated to the basis of the land and the remaining $1,062,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 $ 38,633 Year 3 $ 38,633
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