Required information 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 Date Placed in Original Service Basis October 25 February 3 March 17 April 22 MACRS depreciation $ 70,000 10,000 23,000 150,000 $ 253,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out f bonus depreciation (but does not take §179 expense)?

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Chapter1: Financial Statements And Business Decisions
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Required information
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
Date Placed in Original
Service
Basis
$ 70,000
10,000
23,000
150,000
$ 253,000
October 25
February 3
MACRS depreciation
March 17
April 22
*The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost
of $300,000.
b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out
of bonus depreciation (but does not take §179 expense)?
Transcribed Image Text:Required information 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 Date Placed in Original Service Basis $ 70,000 10,000 23,000 150,000 $ 253,000 October 25 February 3 MACRS depreciation March 17 April 22 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)?
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