Asset Furniture (7-year) Copier (5-year) Machinery (7-year) Total December 1 Computer equipment (5-year) February 28 July 15 May 22 Purchase Date Basis $ 530,000 126,000 66,000 528,000 $ 1,250,000 Problem 2-58 Part c (Algo) c. What would Timberline's maximum depreciation deduction be for 2024 if the machinery cost $4,160,000 instead of $528, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense)
Asset Furniture (7-year) Copier (5-year) Machinery (7-year) Total December 1 Computer equipment (5-year) February 28 July 15 May 22 Purchase Date Basis $ 530,000 126,000 66,000 528,000 $ 1,250,000 Problem 2-58 Part c (Algo) c. What would Timberline's maximum depreciation deduction be for 2024 if the machinery cost $4,160,000 instead of $528, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense)
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 11MCQ
Related questions
Question
aj.3
answer msut be correct
Transcribed Image Text:Asset
Furniture (7-year)
Copier (5-year)
Machinery (7-year)
Total
December 1
Computer equipment (5-year)
February 28
July 15
May 22
Purchase Date
Basis
$ 530,000
126,000
66,000
528,000
$ 1,250,000
Problem 2-58 Part c (Algo)
c. What would Timberline's maximum depreciation deduction be for 2024 if the machinery cost $4,160,000 instead of $528,
assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including $179 expense)
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 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT