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Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.

Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.

FINANCIAL ACCOUNTING
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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Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis $ 105,000 122,000 60,000 322,000 120,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. 3/23/2019 9/17/2020 10/11/2021 10/11/2022 Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Convention HY MQ HY MQ HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Transcribed Image Text:Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis $ 105,000 122,000 60,000 322,000 120,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. 3/23/2019 9/17/2020 10/11/2021 10/11/2022 Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Convention HY MQ HY MQ HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
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