Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the $179 expense. The company acquired the following assets during 2022 (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 September 12 February 18 August 21 April 2 a. What is the maximum amount of $179 expense ACW may deduct for 2022? b. What is the maximum total depreciation that ACW may deduct in 2022 on the assets It placed in service in 2022? Note: Round your Intermediate calculations and final answer to the nearest whole dollar amount. Answer is complete but not entirely correct. 1,080,000 114,783 a. Maximum $179 expense for 2022 b. Maximum total deductible depreciation for 2022 Basis $ 470,000 70,000 93,000 1,380,000 $ 2,013,000 $ S

Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the $179 expense. The company acquired the following assets during 2022 (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 September 12 February 18 August 21 April 2 a. What is the maximum amount of $179 expense ACW may deduct for 2022? b. What is the maximum total depreciation that ACW may deduct in 2022 on the assets It placed in service in 2022? Note: Round your Intermediate calculations and final answer to the nearest whole dollar amount. Answer is complete but not entirely correct. 1,080,000 114,783 a. Maximum $179 expense for 2022 b. Maximum total deductible depreciation for 2022 Basis $ 470,000 70,000 93,000 1,380,000 $ 2,013,000 $ S

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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