in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 Deductible §179 expense Total depreciation deduction §179 carryforward . If Woolard elects the maximum amount of $179 for the year, what is th mount of deductible §179 expense for the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's §179 carryforward amount to next year, if any? Basis $1,195,000 240,000
in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 Deductible §179 expense Total depreciation deduction §179 carryforward . If Woolard elects the maximum amount of $179 for the year, what is th mount of deductible §179 expense for the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's §179 carryforward amount to next year, if any? Basis $1,195,000 240,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dinesh Bhai
Transcribed Image Text:in 2020 of $240,000 before any depreciation deductions
(§179, bonus, or MACRS) and placed some office furniture
into service during the year. The furniture does not qualify
for bonus depreciation. (Use MACRS Table 1, Table 2,
Table 3, Table 4 and Table 5.) (Do not round intermediate
calculations. Round your answers to the nearest whole
dollar amount.)
Asset
Office furniture (used)
Placed In
Service
March 20
Deductible $179 expense
Total depreciation deduction
$179 carryforward
. If Woolard elects the maximum amount of $179 for the year, what is the
amount of deductible §179 expense for the year? What is the total
depreciation that Woolard may deduct in 2020? What is Woolard's §179
carryforward amount to next year, if any?
Basis
$1,195,000
240,000
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