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 Original Basis $ 100,000 40,000 53,000 180,000 $ 373,000 *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 Problem 2-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? deller amount
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 Original Basis $ 100,000 40,000 53,000 180,000 $ 373,000 *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 Problem 2-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? deller amount
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 10RE: Assume the same information as in RE11-3, except that Albany Corporation purchased the asset on...
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![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
MACRS depreciation
March 17
April 22
Original
Basis
*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.
$
$ 100,000
40,000
Problem 2-54 Part a (Algo)
a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does 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
53,000
180,000
$ 373,000
5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92f78856-93f6-45ec-a26c-5c66acba6460%2F29252df1-03d6-4247-85e0-85f36cc660c7%2Fxfy55r_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
MACRS depreciation
March 17
April 22
Original
Basis
*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.
$
$ 100,000
40,000
Problem 2-54 Part a (Algo)
a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does 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
53,000
180,000
$ 373,000
5
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