Required information Problem 10-58 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below] You received no credit for this question in the previous attempt. Assume that Timberline Corporation has 2023 taxable income of $254,000 for purposes of computing the 5179 expense It acquired the following assets in 2023 (Use MACRS Table 1. Table 2. Table 3. Table 4. and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Problem 10-58 Part b (Algo) Purchase Date December 1 February 28 July 15 May 22 Basis $ 508,000 104,000 44,000 594,000 $1,250,000 b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense) $ 441,075
Required information Problem 10-58 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below] You received no credit for this question in the previous attempt. Assume that Timberline Corporation has 2023 taxable income of $254,000 for purposes of computing the 5179 expense It acquired the following assets in 2023 (Use MACRS Table 1. Table 2. Table 3. Table 4. and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Problem 10-58 Part b (Algo) Purchase Date December 1 February 28 July 15 May 22 Basis $ 508,000 104,000 44,000 594,000 $1,250,000 b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense) $ 441,075
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Problem 10-58 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below]
Assume that Timberline Corporation has 2023 taxable income of $254,000 for purposes of computing the $179 expense.
It acquired the following assets in 2023 (Use MACRS Table 1. Table 2. Table 3. Table 4. and Table 5.)
Asset
Furniture (7-year)
Computer equipment (5-year)
Copier (5-year)
Machinery (7-year)
Total
You received no credit for this question in the previous attempt.
Problem 10-58 Part b (Algo)
Purchase Date
December 1
February 28
July 15
May 22
Basis
$ 508,000
104,000
44,000
594,000
$ 1,250,000
b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including $179 expense)
$ 441,075](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b5fff81-c872-4db8-ba8f-80a70caf8c54%2F3fc52519-0327-40d5-b57b-1dfcffe4c372%2Fnw6hcvn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 10-58 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below]
Assume that Timberline Corporation has 2023 taxable income of $254,000 for purposes of computing the $179 expense.
It acquired the following assets in 2023 (Use MACRS Table 1. Table 2. Table 3. Table 4. and Table 5.)
Asset
Furniture (7-year)
Computer equipment (5-year)
Copier (5-year)
Machinery (7-year)
Total
You received no credit for this question in the previous attempt.
Problem 10-58 Part b (Algo)
Purchase Date
December 1
February 28
July 15
May 22
Basis
$ 508,000
104,000
44,000
594,000
$ 1,250,000
b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including $179 expense)
$ 441,075
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