3. Boxer LLC has acquired various types of assets recently. Below is a list of assets acquired during 2022 and 2023: Asset Machinery Warehouse Furniture Computer equipment Office equipment Automobile Office building Cost Basis Convention 25,000 Half year 800,000 Mid month 100,000 85,000 34,000 55,000 800,000 Date Placed in Service January 24, 2022 August 1, 2022 October 5, 2023 October 10, 2023 September 28, 2023 July 15, 2023 September 24, 2023 1. Boxer did not elect §179 expense and elected out of bonus depreciation in 2022 and would like to el out of §179 expense and bonus depreciation for 2023. What is the depreciation deduction for 2023? 2. Boxer would like to elect out of Sec. 179 for 2023 but take advantage of bonus depreciation. What the depreciation deduction for 2023?
3. Boxer LLC has acquired various types of assets recently. Below is a list of assets acquired during 2022 and 2023: Asset Machinery Warehouse Furniture Computer equipment Office equipment Automobile Office building Cost Basis Convention 25,000 Half year 800,000 Mid month 100,000 85,000 34,000 55,000 800,000 Date Placed in Service January 24, 2022 August 1, 2022 October 5, 2023 October 10, 2023 September 28, 2023 July 15, 2023 September 24, 2023 1. Boxer did not elect §179 expense and elected out of bonus depreciation in 2022 and would like to el out of §179 expense and bonus depreciation for 2023. What is the depreciation deduction for 2023? 2. Boxer would like to elect out of Sec. 179 for 2023 but take advantage of bonus depreciation. What the depreciation deduction for 2023?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
min.3
Transcribed Image Text:3. Boxer LLC has acquired various types of assets recently. Below is a list of assets acquired during 2022 and
2023:
Asset
Machinery
Warehouse
Furniture
Computer equipment
Office equipment
Automobile
Office building
Cost Basis Convention
25,000 Half year
AGUA 1 800,000 Mid month
100,000
85,000
34,000
55,000
800,000
Date Placed in Service
January 24, 2022
August 1, 2022
October 5, 2023
October 10, 2023
September 28, 2023
July 15, 2023
September 24, 2023
1. Boxer did not elect §179 expense and elected out of bonus depreciation in 2022 and would like to elect
out of §179 expense and bonus depreciation for 2023. What is the depreciation deduction for 2023?
2. Boxer would like to elect out of Sec. 179 for 2023 but take advantage of bonus depreciation. What is
the depreciation deduction for 2023?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education