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ре9 304 оно е

ре9 304 оно е

FINANCIAL ACCOUNTING
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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Problem 10-64 (LO 10-2, LO 10-3) (Static) Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current y housing market's recovery. The company has record income and would like to maximize its cost recovery deducti year. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset New equipment and tools Used light-duty trucks Used machinery Total Placed in Service August 20 October 17 November 6 Maximum cost recovery deduction Basis $ 3,800,000 2,000,000 525,000 $ 6,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction. a. What is Acorn's maximum cost recovery deduction in the current year?
Transcribed Image Text:Problem 10-64 (LO 10-2, LO 10-3) (Static) Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current y housing market's recovery. The company has record income and would like to maximize its cost recovery deducti year. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset New equipment and tools Used light-duty trucks Used machinery Total Placed in Service August 20 October 17 November 6 Maximum cost recovery deduction Basis $ 3,800,000 2,000,000 525,000 $ 6,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction. a. What is Acorn's maximum cost recovery deduction in the current year?
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