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 2022 taxable income of $266,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (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 a (Algo) Purchase Date December 1 February 28 July 15 May 22 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2022? a-2. What is Timberline's §179 carryforward to 2023, if any? > Answer is complete but not entirely correct. $ 2,620,000 x $ 266,000 Basis $ 420,000 116,000 56,000 458,000 $ 1,050,000

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 2022 taxable income of $266,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (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 a (Algo) Purchase Date December 1 February 28 July 15 May 22 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2022? a-2. What is Timberline's §179 carryforward to 2023, if any? > Answer is complete but not entirely correct. $ 2,620,000 x $ 266,000 Basis $ 420,000 116,000 56,000 458,000 $ 1,050,000

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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