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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![Problem 10-53 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below]
Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and
Table 2)
Date Placed in
Service
October 25
February 3
August 17
April 22
"The delivery truck is not a luxury automobile
Asset
Machinery
Computer equipment
Used delivery truck"
Furniture
Depreciation
Original
Basis
$ 80,000
17,500
30,500
162,500
Problem 10-53 Part b (Algo)
b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus
depreciation?](https://content.bartleby.com/qna-images/question/d47d6822-1503-41d6-9f5f-cb95661c7d25/3494158b-00f8-4360-ae57-51a580ecc609/44hug3j_thumbnail.jpeg)
Transcribed Image Text:Problem 10-53 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below]
Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and
Table 2)
Date Placed in
Service
October 25
February 3
August 17
April 22
"The delivery truck is not a luxury automobile
Asset
Machinery
Computer equipment
Used delivery truck"
Furniture
Depreciation
Original
Basis
$ 80,000
17,500
30,500
162,500
Problem 10-53 Part b (Algo)
b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus
depreciation?
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- Nonearrow_forward3arrow_forward! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1. Table 2, and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service November 12 June 6 Maximum cost recovery deduction July 15 October 28 January 31 Basis $ 12,200 18,400 36,400 23,400 74,400 $ 164,800 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. Note: Round your answer to the nearest whole dollar amount. Check my work a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?arrow_forward
- Please do not give solution in image format thankuarrow_forward! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Placed in Service November Basis 12 $ 7,800 June 6 14,000 July 15 October 28 January 31 32,000 19,000 70,000 $ 142,800 Total Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.) b. Assuming Burbank would like to maximize its cost recovery deductions by claiming bonus and §179 expense, which assets should Burbank immediately expense? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any…arrow_forwardDo journal entries 1-2 pleaee and thank youarrow_forward
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