Problem 10-50 (LO 10-2) (Algo) Asset Furniture (7-year) Date Acquired 5/12/20 Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Convention 7/15/24 HY $ 57,500 Machinery (7-year) 3/23/21 3/15/24 MQ 74,500 Delivery truck* (5-year) 9/17/22 3/13/24 HY 22,000 Machinery (7-year) 10/11/23 8/11/24 MQ Computer (5-year) 10/11/24 12/15/24 HY 272,600 82,000 Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2024 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Depreciation deduction
Problem 10-50 (LO 10-2) (Algo) Asset Furniture (7-year) Date Acquired 5/12/20 Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Convention 7/15/24 HY $ 57,500 Machinery (7-year) 3/23/21 3/15/24 MQ 74,500 Delivery truck* (5-year) 9/17/22 3/13/24 HY 22,000 Machinery (7-year) 10/11/23 8/11/24 MQ Computer (5-year) 10/11/24 12/15/24 HY 272,600 82,000 Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2024 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Depreciation deduction
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 74P
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answer must be in table format or i will give down vote
Transcribed Image Text:Problem 10-50 (LO 10-2) (Algo)
Asset
Furniture (7-year)
Date
Acquired
5/12/20
Way Corporation disposed of the following tangible personal property assets in the current year.
Original
Basis
Date Sold
Convention
7/15/24
HY
$ 57,500
Machinery (7-year)
3/23/21
3/15/24
MQ
74,500
Delivery truck* (5-year)
9/17/22
3/13/24
HY
22,000
Machinery (7-year)
10/11/23
8/11/24
MQ
Computer (5-year)
10/11/24
12/15/24
HY
272,600
82,000
Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2024 depreciation deduction (ignore §179 expense
and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.)
Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Depreciation deduction
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