Problem 10-50 (LO 10-2) (Static) Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/18 Original Basis $ 55,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 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 3/23/19 9/17/20 10/11/21 10/11/22 $ 63,357 Date Sold 7/15/22 3/15/22 3/13/22 8/11/22 12/15/22 Convention HY MQ HY MQ HY 72,000 20,000 270,000 80,000

Problem 10-50 (LO 10-2) (Static) Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/18 Original Basis $ 55,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 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 3/23/19 9/17/20 10/11/21 10/11/22 $ 63,357 Date Sold 7/15/22 3/15/22 3/13/22 8/11/22 12/15/22 Convention HY MQ HY MQ HY 72,000 20,000 270,000 80,000

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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