Don't give answer in image Assume that ACW Corporation has 2022 taxable income of $1,660,000 for purposes of computing the §179 expense. The companyacquired the following assets during 2022 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.)AssetMachineryComputer equipmentDelivery truckQualified real property (MACRS, 15 year,150% DB)TotalPlaced in Service12-September10-February21-August2-Aprila. Maximum §179 expense for 2022b. Maximum total deductible depreciation for 2022Basis$ 486,00086,000109,0001,396,000$ 2,077,000a. 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.

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Description: Don't give answer in image Assume that ACW Corporation has 2022 taxable income of $1,660,000 for purposes of computing the §179 expense. The companyacquired the following assets during 2022 (assume no bonus depreciation): (Use MACRS Table 1, Table 2

MACRS depreciation is a method used in the United States for calculating the depreciation of…

Business

Accounting

Assume that ACW Corporation has 2022 taxable income of $1,660,000 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 Placed in Service 12-September 10-February 21-August Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 2-April 150% DB) Total a. Maximum §179 expense for 2022 b. Maximum total deductible depreciation for 2022 Basis $ 486,000 86,000 109,000 1,396,000 $ 2,077,000 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.

Assume that ACW Corporation has 2022 taxable income of $1,660,000 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 Placed in Service 12-September 10-February 21-August Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 2-April 150% DB) Total a. Maximum §179 expense for 2022 b. Maximum total deductible depreciation for 2022 Basis $ 486,000 86,000 109,000 1,396,000 $ 2,077,000 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.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Don't give answer in image

Assume that ACW Corporation has 2022 taxable income of $1,660,000 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
12-September
10-February
21-August
2-April
a. Maximum §179 expense for 2022
b. Maximum total deductible depreciation for 2022
Basis
$ 486,000
86,000
109,000
1,396,000
$ 2,077,000
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.

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Chaz Corporation has taxable income in 2023 of $1,312,000 for purposes of computing the $179 expense and acquired the following assets during the year: Asset Placed in Service September 12 Basis $ 780,000 Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total February 10 August 21 September 30 930,000 68,000 1,500,000 $ 3,278,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2. Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Answer is complete but not entirely correct. Maximum total depreciation deduction 394,000 x