Dengar Required information[The following information applies to the questions displayed below]Evergreen, Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 andTable 2)MachineryAssetComputer equipmentUsed delivery truck"Date Placed inServiceOctober 25February 3OriginalBasis$ 104,00035,500August 17April 2248,500192,500FurnitureThe delivery truck is not a luxury automobile.Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciationand elects out of $179 expense?Depreciation

To calculate the allowable depreciation for Evergreen Corporation's assets, we use the Modified…

Answered: Required information [The following…

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 [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 2/19 $ 16,300 Furniture 4/27 $ 22,900 Commercial building 10/2 $ 319,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following ques (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 1/15 of year 3? Asset Computer equipment Furniture Commercial building Year 3 Cost Recovery Total
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 3/6 Asset Cost Basis Computer equipment Furniture Commercial building $ 16,000 $ 24,700 $ 284,000 6/10 11/24 Assuming DLW does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 4/2 of year 3? Year 3 Cost Recovery Asset Computer equipment Furniture Commercial building Total $
DS: Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment Used delivery trucke Furniture August 17 April 22 *The delivery truck is not a luxury automobile. Asset Original Basis $ 84,000 20,500 33,500 167,500 b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation? MACRS depreciation
! Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery Computer equipment Used delivery truck* $ 106,000 37,000 50,000 195,000 October 25 February 3 August 17 April 22 Furniture *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) X Answer is complete but not entirely correct. MACRS depreciation
[The following information applies to the questions displayed below.] Dog Co. acquired and placed in service the following assets during the year: Date Cost Asset Placed in Service Basis Computer equipment 3/9 $ 15,800 Furniture 5/23 23,200 Commercial building 10/19 347,000 Assuming Dog Co. does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Dog Co.'s year 3 cost recovery for each asset if Dog Co. sells all of these assets on 4/16 of year 3?
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! Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 2/24 4/17 Cost Basis $ 12,000 $ 26,400 $ 264,000 11/5 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is DLW's year 1 cost recovery for each asset? Asset Computer equipment Furniture Commercial building Total Year 1 Cost Recovery $ $ $ $ 2,400 3,773 845 7,018
! Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired Cost Basis $ 10,000 2/17 5/12 $ 17,000 11/1 $ 270,000 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is DLW's year 1 cost recovery for each asset? X Answer is complete but not entirely correct. Year 1 Cost Recovery Asset Computer equipment Furniture Commercial building Total $ $ $ $ 2,000✔ 2,429 6,912 X 11,341
N12. Account
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Asset Computer equipment Furniture Commercial building Show Transcribed Text Asset Computer equipment Furniture Commercial building Total Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Show Transcribed Text Date Acquired 2/27 J Asset Computer equipment Furniture Commercial building Total 4/26 9/1 a. What is DLW's year 1 cost recovery for each asset? Year 3 Cost Recovery $ Cost Basis 9,500 17,700 338,000 Year 1 Cost Recovery b. What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 4/1 of year 3?
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment August 17 Used delivery truck* Furniture April 22 *The delivery truck is not a luxury automobile. Asset Depreciation Original Basis $ 84,000 20,500 33,500 167,500 a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations to the nearest whole dollar amount.
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