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 Machinery Computer equipment Delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 MACRS depreciation Original Basis $ 100,000 "The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $600,000 40,000 53,000 180,000 $ 373,000 Problem 2-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers do not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. $64.978

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 Machinery Computer equipment Delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 MACRS depreciation Original Basis $ 100,000 "The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $600,000 40,000 53,000 180,000 $ 373,000 Problem 2-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers do not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. $64.978

Name: Ee 429. Convers Corporation (calendar year-end) acquired the following
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Description: Ee 429. Convers Corporation (calendar year-end) acquired the following assets during the current tax year. (ignore $179 expenseand bonus depreciation for this problem) (Use MACRS Table 1. Table 2 and Table 5.)AssetMachineryComputer equipmentDelivery

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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