! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Asset Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 Machinery Office building Total Year 1 Cost Recovery $ Cost Basis $ 28,000 $ 32,000 $ 75,000 $400,000 0

! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Asset Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 Machinery Office building Total Year 1 Cost Recovery $ Cost Basis $ 28,000 $ 32,000 $ 75,000 $400,000 0

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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Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Asset Machinery Office building Asset Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ Cost Basis $ 47,500 $ 51,500 $ 94,500 $ 426,000 Year 1 Cost Recovery 9,500 7,359 Machinery 13,504 Office building 4,096 Total 34,459 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Date Acquired 1/30 2/15 Asset 7/25 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Year 1 Cost Recovery Computers Office desks Machinery Office building Total Cost Basis $ 28,000 $ 32,000 $ 75,000 $ 400,000
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computers 1/30 $ 55,000 Office desks 2/15 $ 59,000 Machinery 7/25 $ 102,000 Office building 8/13 $ 436,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Anna’s year 1 cost recovery for each asset? b. What is Anna’s year 2 cost recovery for each asset?
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[The following information applies to the questions displayed below.] Dog Co. acquired and placed in service the following assets during the year: Date Cost Asset Placed in Service Basis Computer equipment 3/9 $ 15,800 Furniture 5/23 23,200 Commercial building 10/19 347,000 Assuming Dog Co. does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Dog Co.'s year 3 cost recovery for each asset if Dog Co. sells all of these assets on 4/16 of year 3?
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[The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Acquired 1/30 Asset Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 Computers Office desks 2/15 Machinery Office building 7/25 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Anna's year 1 cost recovery for each asset? Year 1 Asset Cost Recovery Computers Office desks Machinery Office building Total $
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Computer equipment Furniture Commercial building Date Acquired 3/4 3/28 10/14 Assuming DLW does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Asset Computer equipment Furniture Commercial building Total Cost Basis $ 18,200 $ 20,300 $ 306,000 b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 2/27 of year 3? Year 3 Cost Recovery
[The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 1/30 Computers Office desks 2/15 7/25 Machinery Office building 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Anna's year 2 cost recovery for each asset? Year 2 Asset Cost Recovery Computers Office desks Machinery Office building Total
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Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Computer equipment Furniture Commercial building Show Transcribed Text Asset Computer equipment Furniture Commercial building Total Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Show Transcribed Text Date Acquired 2/27 J Asset Computer equipment Furniture Commercial building Total 4/26 9/1 a. What is DLW's year 1 cost recovery for each asset? Year 3 Cost Recovery $ Cost Basis 9,500 17,700 338,000 Year 1 Cost Recovery b. What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 4/1 of year 3?
[The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is DLW's year 1 cost recovery for each asset? Asset Date Acquired 2/26 2/26 12/20 Computer equipment Furniture Commercial building Total Year 1 Cost Recovery $ Cost Basis $ 19,500 $ 18,000 $ 341,000 3,900 2,572 9,050 15,522