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: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Asset Date Placed in Service October 25 February 3 March 17 April 22 Machinery Computer equipment Delivery truck* Furniture Total *The delivery truck is not a luxury automobile. Original Basis $ 96,000 36,000 49,000 176,000 $ 357,000 In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $560,000.

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.