Furniture Equipment Machinery Date Placed in Service 6/19/17 5/2/16 9/30/16 Initial Cost $46,250 89,000 80,500 Accumulated Depreciation $17,936 63,368 57,316 Recovery Depreciation Period Convention 7-year Half-year 5-year Half-year 5-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $612,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Compute Hiram's maximum cost recovery deduction for 2019. In making your computation, assume that taxable income before depreciation exceeds $1,230,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers

Furniture Equipment Machinery Date Placed in Service 6/19/17 5/2/16 9/30/16 Initial Cost $46,250 89,000 80,500 Accumulated Depreciation $17,936 63,368 57,316 Recovery Depreciation Period Convention 7-year Half-year 5-year Half-year 5-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $612,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Compute Hiram's maximum cost recovery deduction for 2019. In making your computation, assume that taxable income before depreciation exceeds $1,230,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare journal entries using NAS
please step by step solution.
please quickly thanks !! Please explain distinction and connection of draft, promissory and check.
Clicking Generate at the bottom of the A/P Create Payment Batch form creates a payment batch. Group of answer choices. True False
Can you use excel to do the data please.
please solve this question with all steps and workings of notes to account as well following IND AS
15. Hartwell Company distributes the service department overhead cost directly to producing departments without allocation to the other service department. Information for the month of June is as follows: Service Department Utilities P10,000 Maintenance Overhead incurred P20,000 Service provided to departments: Maintenance Utilities 10% 20% Producing Dept. -A Producing Dept. – B The amount of maintenance department costs is distributed to Producing Dept. A for June was a. P8,000 30% 60% 40% 40% b. P10,000 c. P11,000 d. None of theses
What does the QuickBooks Online Check Register do?
Could I see the journal entries please?
HI Exam A "Queue" is also known as what? a. Linked list b. LIFO C. FIFO d. Stack
what is the differnce between quickbooks online and QuickBooks desktop?
Explain the Golsen Rule and, in your own words, provide an example of the application of the Golsen Rule. 4 MacBook Air Fo