Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year 0gnore S179 expense and bonus depreciation for this problem): (Use MACRS Table Table 2 and Tatile S) Date Placed in original Service Oetober 25 Februarya March 17 April 22 Basis 5 90, 000 30,000 43,000 170,000 Asset Hachinery Computer equipnent Delivery truek Turniture Total $333,000 "The delivery truck is not a luxury automobile In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $500,000. roblem 10-54 Part a (Algo) What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect Intermodiate calculations and final answer to the nearest whole

Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year 0gnore S179 expense and bonus depreciation for this problem): (Use MACRS Table Table 2 and Tatile S) Date Placed in original Service Oetober 25 Februarya March 17 April 22 Basis 5 90, 000 30,000 43,000 170,000 Asset Hachinery Computer equipnent Delivery truek Turniture Total $333,000 "The delivery truck is not a luxury automobile In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $500,000. roblem 10-54 Part a (Algo) What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect Intermodiate calculations and final answer to the nearest whole

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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DLW Corporation acquired and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 2/17 $ 10,000 Furniture 5/12 $ 17,000 Commercial building 11/1 $ 270,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 1/23 of year 3?
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 October 25 Basis $ 70,000 February 3 March 17 April 22 $ 253,000 10,000 23,000 150,000 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. 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)? MACRS depreciation $ 553,000
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Required information Problem 02-47 (LO 02-2) (Algo) [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 3/5 Cost Basis $ 18,500 $ 25,900 $ 291,000 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 02-47 Part b (Algo) . What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 3/26 of year 3? Asset 4/22 8/19 X Answer is complete but not entirely correct. Year 3 Cost Recovery Computer equipment Furniture Commercial building Total $ $ $ $ 1,776 2,265 13,070 X 17,111
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(0) Problem 10-54 (LO 10-2, LO 10-3) (Algo) Skip to question 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 Date Placed in Service Original Basis Machinery October 25 $ 102,000 Computer equipment February 3 42,000 Delivery truck* March 17 55,000 Furniture April 22 182,000 Total $ 381,000 *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 $620,000. Problem 10-54 Part b (Algo) 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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