Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5412/2018 Original Basis $ 87,500 104,500 46,000 Asset Furniture (7-year) Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 3/23/2019 9/17/2020 10/11/2021 10/11/2022 Convention HY MQ HY MQ HY Machinery (7-year) Delivery truck (5-year) Machinery (7-year) Computer (5-year) "Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1. Table 2. and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. 303,800 106,000

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Chapter1: Financial Statements And Business Decisions
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Way Corporation disposed of the following tangible personal property assets in the current year.
Date
Acquired
5/12/2018
3/23/2019
Original
Basis
$ 87,500
104,500
46,000
303,800
9/17/2020
10/11/2021
10/11/2022
106,000
Asset
Furniture (7-year)
Machinery (7-year)
Delivery truck (5-year).
Date Sold
7/15/2022
3/15/2022
3/13/2022
8/11/2022
12/15/2022
Depreciation deduction
Convention
HY
MQ
HY
MQ
Machinery (7-year);
Computer (5-year)
*Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore 5179 expense
and bonus depreciation for this problem). (Use MACRS Table 1, Table 2. and Exhibit 10-6.)
Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Transcribed Image Text:Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 3/23/2019 Original Basis $ 87,500 104,500 46,000 303,800 9/17/2020 10/11/2021 10/11/2022 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year). Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Depreciation deduction Convention HY MQ HY MQ Machinery (7-year); Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore 5179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2. and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
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