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b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bon

b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bon

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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! Required information Problem 10-54 (LO 10-2, LO 10-3) (Static) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Asset Date Placed in Service Machinery Computer equipment. Delivery truck* Furniture Total *The delivery truck is not a luxury automobile. October 25 February 3 MACRS depreciation Original Basis March 17 April 22 $ 70,000 10,000 23,000 150,000 $ 253,000 In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $300,000. Problem 10-54 Part b (Static) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)?
Transcribed Image Text:! Required information Problem 10-54 (LO 10-2, LO 10-3) (Static) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Asset Date Placed in Service Machinery Computer equipment. Delivery truck* Furniture Total *The delivery truck is not a luxury automobile. October 25 February 3 MACRS depreciation Original Basis March 17 April 22 $ 70,000 10,000 23,000 150,000 $ 253,000 In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $300,000. Problem 10-54 Part b (Static) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)?
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