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
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F59b20698-0c13-4a5c-a88b-5cbdf4db7341%2Fc07bb1bf-9448-4725-bf87-c9f0d8d69414%2Fkp3udw_processed.jpeg&w=3840&q=75)
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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