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 Machinery Computer equipment Delivery truck* Furniture Total *The delivery truck is not a luxury automobile. October 25 February 3 March 17 April 22 In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $520,000. Problem 10-54 Part a (Algo) MACRS depreciation Original Basis $92,000 32,000 45,000 172,000 $ 341,000 a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 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

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 Machinery Computer equipment Delivery truck* Furniture Total *The delivery truck is not a luxury automobile. October 25 February 3 March 17 April 22 In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $520,000. Problem 10-54 Part a (Algo) MACRS depreciation Original Basis $92,000 32,000 45,000 172,000 $ 341,000 a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 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

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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