nent i ! Saved Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) 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 ما Date Placed in Service October 25 February 3 March 17 April 22 "The delivery truck is not a luxury automobile. Original Basis $ 110,000 50,000 63,000 190,000 $ 413,000 In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $700,000. Problem 10-54 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 to the nearest whole dollar amount. MACRS depreciation

nent i ! Saved Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) 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 ما Date Placed in Service October 25 February 3 March 17 April 22 "The delivery truck is not a luxury automobile. Original Basis $ 110,000 50,000 63,000 190,000 $ 413,000 In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $700,000. Problem 10-54 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 to the nearest whole dollar amount. MACRS depreciation

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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