thumbs up for the correct answer. thumbs down for wrong answer !Required information[The following information applies to the questions displayed below.]Assume that Timberline Corporation has 2019 taxable income of $286,000 for purposes of computing the §179 expense. Itacquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)PurchaseAssetDateBasisFurniture (7-year)Computer equipment (5-year)Copier (5-year)Machinery (7-year)December 1$February 28July 15May 22496,000136,00076,000526, 000$ 1,234,000Totalb. What would Timberline's maximum depreciation deduction be for 2019 assuming no bonus depreciation? (Round your intermediatecalculations to the nearest whole dollar amount.)X Answer is complete but not entirely correct.Depreciation Deduction (including §179 expense)$ 1,157,954 X Required information[The following information applies to the questions displayed below.]Assume that Timberline Corporation has 2019 taxable income of $286,000 for purposes of computing the $179 expense. Itacquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)PurchaseAssetDateBasisFurniture (7-year)Computer equipment (5-year)Copier (5-year)Machinery (7-year)496,000136,00076,000526,000$ 1,234,000December 1February 28July 15May 22TotalRequired:a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019?a-2. What is Timberline's $179 carryforward to 2020, if any?X Answer is not complete.а-1.$179 еxpense$ 1,020,000 xа-2.$179 carryforward

Sec 179 provides limit for maximum expense over the cost of project and the same shall be added to…

Answered: a-1. What is the maximum amount of §179…

a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019? a-2. What is Timberline's §179 carryforward to 2020, if any?

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.] Consider the following narrative describing the process of filling a customer's order at a Starbucks branch: Identify the start and end events and the activities in the following narrative, and then draw the business process model using BPMN: the Starbucks customer entered the drive-through lane and stopped to review the menu. He then ordered a Venti coffee of the day and a blueberry muffin from the barista. The barista recorded the order in the cash register. While the customer drove to the window, the barista filled a Venti cup with coffee, put a lid on it, and retrieved the muffin from the pastry case and placed it in a bag. The barista handed the bag with the muffin and the hot coffee to the customer. The customer has an option to pay with cash, credit card, or Starbucks gift card. The customer paid with a gift card. The barista recorded the payment and returned the card along with the…
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