Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense.The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table2, and Table 5.)AssetMachineryComputer equipmentDelivery truckQualified real property (MACRS, 15year, 150% DB)TotalPlaced in Service12-September10-February21-August02-AprilBasis$ 482,00082,000105,0001,392,000$ 2,061,000a. What is the maximum amount of §179 expense ACW may deduct for 2023?b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023?Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.X Answer is complete but not entirely correct.$$a. Maximum §179 expense for 2023b. Maximum total deductible depreciation for 20231,160,000219,581 X

§179 expenses allow businesses to deduct the cost of qualifying property immediately rather than…

Answered: a. Maximum §179 expense for 2023 b.…

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a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 $ CA $ EA 1,160,000 219,581 X

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Question

Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense.
The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table
2, and Table 5.)
Asset
Machinery
Computer equipment
Delivery truck
Qualified real property (MACRS, 15
year, 150% DB)
Total
Placed in Service
12-September
10-February
21-August
02-April
Basis
$ 482,000
82,000
105,000
1,392,000
$ 2,061,000
a. What is the maximum amount of §179 expense ACW may deduct for 2023?
b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
X Answer is complete but not entirely correct.
$
$
a. Maximum §179 expense for 2023
b. Maximum total deductible depreciation for 2023
1,160,000
219,581 X

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