FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[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.) (Round your answer to the nearest whole dollar amount.)
Asset
Used copier
New computer equipment
Furniture
New delivery truck
Luxury auto
Total
Placed in
Service
Basis
November 12 $ 11,400
17,600
35,600
22,600
73,600
$160,800
Maximum cost recovery deduction
June
July 15
October 28
January 31
Burbank acquired the copier in a nontaxable transaction when the shareholder contributed the copier to the business
in exchange for stock.
c. What is Burbank's maximum cost recovery deduction this year assuming it elects §179 expense and claims bonus depreciation?
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Transcribed Image Text: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.) (Round your answer to the nearest whole dollar amount.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service Basis November 12 $ 11,400 17,600 35,600 22,600 73,600 $160,800 Maximum cost recovery deduction June July 15 October 28 January 31 Burbank acquired the copier in a nontaxable transaction when the shareholder contributed the copier to the business in exchange for stock. c. What is Burbank's maximum cost recovery deduction this year assuming it elects §179 expense and claims bonus depreciation?
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