! Required information Problem 10-58 (LO 10-2, LO 10-3) (Static) [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2023 taxable income of $240,000 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 Purchase Date Furniture (7-year) December 1 Basis $ 550,000 Computer equipment (5-year) February 28 Copier (5-year) July 15 Machinery (7-year) May 22 90,000 30,000 580,000 Total $ 1,250,000 Problem 10-58 Part b (Static) b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation? Answer is complete but not entirely correct. Maximum Depreciation Deduction (including $179 expense) $ 185,477 X
! Required information Problem 10-58 (LO 10-2, LO 10-3) (Static) [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2023 taxable income of $240,000 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 Purchase Date Furniture (7-year) December 1 Basis $ 550,000 Computer equipment (5-year) February 28 Copier (5-year) July 15 Machinery (7-year) May 22 90,000 30,000 580,000 Total $ 1,250,000 Problem 10-58 Part b (Static) b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation? Answer is complete but not entirely correct. Maximum Depreciation Deduction (including $179 expense) $ 185,477 X
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) (Static)
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2023 taxable income of $240,000 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
Purchase Date
Furniture (7-year)
December 1
Basis
$ 550,000
Computer equipment (5-year)
February 28
Copier (5-year)
July 15
Machinery (7-year)
May 22
90,000
30,000
580,000
Total
$ 1,250,000
Problem 10-58 Part b (Static)
b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation?
Answer is complete but not entirely correct.
Maximum Depreciation Deduction (including $179 expense)
$
185,477 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e9287fd-acdc-4fc8-81bb-a5ba71f88db7%2F001d4e61-4eba-4bf3-aed9-b9ec7e0594aa%2F7vpipyw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 10-58 (LO 10-2, LO 10-3) (Static)
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2023 taxable income of $240,000 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
Purchase Date
Furniture (7-year)
December 1
Basis
$ 550,000
Computer equipment (5-year)
February 28
Copier (5-year)
July 15
Machinery (7-year)
May 22
90,000
30,000
580,000
Total
$ 1,250,000
Problem 10-58 Part b (Static)
b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation?
Answer is complete but not entirely correct.
Maximum Depreciation Deduction (including $179 expense)
$
185,477 X
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