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Required information Problem 2-69 (LO 2-2, LO 2-3) (Algo) [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck. Luxury auto Placed in Service November 12 June 6 July 15 October 28 January 31 Basis $ 12,000 18, 200 36,200 23,200 74,200

Required information Problem 2-69 (LO 2-2, LO 2-3) (Algo) [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck. Luxury auto Placed in Service November 12 June 6 July 15 October 28 January 31 Basis $ 12,000 18, 200 36,200 23,200 74,200

FINANCIAL ACCOUNTING
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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! Required information Problem 2-69 (LO 2-2, LO 2-3) (Algo) [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Problem 2-69 Part a (Algo) Placed in Service November 12 June 6 July 15 October 28 January 31 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. Note: Round your answer to the nearest whole dollar amount. Maximum cost recovery deduction Basis $ 12,000 18, 200 36,200 23, 200 74,200 $ 163,800 a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?
Transcribed Image Text:! Required information Problem 2-69 (LO 2-2, LO 2-3) (Algo) [The following information applies to the questions displayed below.] Burbank Corporation (calendar year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Problem 2-69 Part a (Algo) Placed in Service November 12 June 6 July 15 October 28 January 31 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. Note: Round your answer to the nearest whole dollar amount. Maximum cost recovery deduction Basis $ 12,000 18, 200 36,200 23, 200 74,200 $ 163,800 a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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