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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
J1.
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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