Homework Help is Here – Start Your Trial Now!
Business
Accounting
Please solve 1,2,3 based on the data given. As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources? How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources? What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources?

Please solve 1,2,3 based on the data given. As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources? How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources? What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Please solve 1,2,3 based on the data given.

As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention.

  1. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources?
  2. How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources?
  3. What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources?
Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 V Keep Only O Exclude Regional Office $120,000 (All) Regional Office: Kansas City Region: 7 Atlanta Boston MACRS Year 1:0.14290 $100,000 Purchase Amount: 1,097,148 Chicago Tax Depreciation Year 1: $156,782 Dallas Denver $80,000 V Kansas City New York City V Philadelphia $60,000 San Francisco Seattle $40,000 $20,000 $0 Kansas City Philadelphia 整+ableau MACRS Tax Depreciation Year 1
Transcribed Image Text:Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 V Keep Only O Exclude Regional Office $120,000 (All) Regional Office: Kansas City Region: 7 Atlanta Boston MACRS Year 1:0.14290 $100,000 Purchase Amount: 1,097,148 Chicago Tax Depreciation Year 1: $156,782 Dallas Denver $80,000 V Kansas City New York City V Philadelphia $60,000 San Francisco Seattle $40,000 $20,000 $0 Kansas City Philadelphia 整+ableau MACRS Tax Depreciation Year 1
Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 V Keep Only O Exclude $160,000 Regional Office: Philadelphia Region: 3 MACRS Year 1:0.20000 Purchase Amount: 1,152,863 Tax Depreciation Year 1: $230,573 $140,000 Regional Office $120,000 (All) Atlanta Boston $100,000 Chicago Dallas Denver $80,000 M Kansas City New York City V Philadelphia $60,000 San Francisco | Seattle $40,000 $20,000 $0 Kansas City Philadelphia * + ableau MACRS Tax Depreciation Year 1
Transcribed Image Text:Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 V Keep Only O Exclude $160,000 Regional Office: Philadelphia Region: 3 MACRS Year 1:0.20000 Purchase Amount: 1,152,863 Tax Depreciation Year 1: $230,573 $140,000 Regional Office $120,000 (All) Atlanta Boston $100,000 Chicago Dallas Denver $80,000 M Kansas City New York City V Philadelphia $60,000 San Francisco | Seattle $40,000 $20,000 $0 Kansas City Philadelphia * + ableau MACRS Tax Depreciation Year 1
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Property, Plant and Equipment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS