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- How much is the correct total expense related to the intangibles for 2020? What is the correct carrying value of the intangibles on December 31, 2020?How much is the depreciation expense on store equipment for the year 2021?Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Asset Office furniture Machinery Cost $ 260,000 1,582,000 62,000 Used delivery truck* *Not considered a luxury automobile. Date Placed in Service 02/03/2020 07/22/2020 08/17/2020 During 2020, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2021 to increase its production capacity. These are the assets acquired during 2021: Asset Computers and information system Luxury autot Assembly equipment Storage building †Used 100% for business purposes. Karane generated taxable income in 2021 of $1,760,000 for purposes of computing the §179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) (Leave no answer blank. Enter zero if applicable. Input all the values as…
- Bonus depreciation in 2019 generally permits taxpayers to deduct 100% of the cost of the asset in the year placed in service. True or FalseKarane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Asset office furniture Machinery Cost $ 260,000 1,582,000 62,000 Used delivery truck* *Not considered a luxury automobile. Date Placed in Service 02/03/2020 07/22/2020 08/17/2020 During 2020, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2021 to increase its production capacity. These are the assets acquired during 2021: Asset Computers and information system Luxury autot Assembly equipment Storage building †Used 100% for business purposes. Cost $ 422,000 85,500 1,310,000 900,000 Date Placed in Service 03/31/2021 05/26/2021 08/15/2021 11/13/2021 Karane generated taxable income in 2021 of $1,760,000 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4,…john purcharses a new car in 2023 for a price 37000. if he claim first year bonus depreciation, what is the greatest allowable depreciation deduction he may claim for the vehicle in 2023
- Please help me with the following question. b. The second year (2019) of depreciation on a computer costing $5,000 purchased in May 2018, using the half-year convention and accelerated depreciation considering any bonus depreciation taken.how much is the depreciation expense for 2025 using the double declining balance depreciation method?Kindly explain how should the purchase on January 2, 2020 of additional machineries and equipments affect the depreciation in SYD method. Can you please show me the complete solution to get the depreciation for machinery and equipment (SYD method) on Dec. 31, 2020 and its carrying value at the same date? Thank you so much in advance!
- The maximum depreciation deduction allowed in 2018 for a luxury automobile placed in service in 2018 (used 100% for business) on which bonus depreciation is claimed is 3160. True or false.If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2026? In 2027?Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Date Placed in Asset Cost Service $ 360,000 1,602,000 82,000 Office furniture Machinery Used delivery truck* *Not considered a luxury automobile. 02/03/2020 07/22/2020 08/17/2020 During 2020, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2021 to increase its production capacity. These are the assets acquired during 2021: Date Placed in Asset Cost Service Computers and information system Luxury autot Assembly equipment Storage building $ 442,000 90,500 1,410,000 03/31/2021 05/26/2021 08/15/2021 11/13/2021 700,000 tUsed 100% for business purposes. Karane generated taxable income in 2021 of $1,785,000 for purposes…
