6. ADS and MACRS. (Obj. 1) Peter purchased the following new properties to use in his business. Acquired in April, 2007 at a cost of $72,000 Acquired in March, 2010 at a cost of $84,000 Computer: Acquired in July, 2013 at a cost of $10,000 Equipment: Furniture: a. Compute Peter's 2014 depreciation expense. Peter has never elected Section 179, nor has he ever elected out of taking bonus depreciation. Peter uses ADS straight-line method with a ten-year life to depreciate the equipment. He uses regular (accelerated) MACRS to depreciation the furniture and computer. The half-year convention applies to all three properties. b. Same as in Part a., except that the mid-quarter convention applied to all personal property placed in service in 2010. c. Same as in Part a. except that Peter purchased each of these properties in 2014. Compute depreciation for each of these properties for 2014 using the maximum depreciation allowed for each property without electing Section 179.

6. ADS and MACRS. (Obj. 1) Peter purchased the following new properties to use in his business. Acquired in April, 2007 at a cost of $72,000 Acquired in March, 2010 at a cost of $84,000 Computer: Acquired in July, 2013 at a cost of $10,000 Equipment: Furniture: a. Compute Peter's 2014 depreciation expense. Peter has never elected Section 179, nor has he ever elected out of taking bonus depreciation. Peter uses ADS straight-line method with a ten-year life to depreciate the equipment. He uses regular (accelerated) MACRS to depreciation the furniture and computer. The half-year convention applies to all three properties. b. Same as in Part a., except that the mid-quarter convention applied to all personal property placed in service in 2010. c. Same as in Part a. except that Peter purchased each of these properties in 2014. Compute depreciation for each of these properties for 2014 using the maximum depreciation allowed for each property without electing Section 179.

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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