Way Corporation disposed of the following tangible personal property assets in the current year. Date Original Asset Acquired Date Sold Convention Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 97,500 3/23/2019 Machinery (7-year) 3/15/2022 MQ 114,500 意志薄旗下酒 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 54,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 314, 200 Computer (5-year) 10/11/2022 12/15/2022 HY 114,000 *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. Depreciation deduction
Way Corporation disposed of the following tangible personal property assets in the current year. Date Original Asset Acquired Date Sold Convention Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 97,500 3/23/2019 Machinery (7-year) 3/15/2022 MQ 114,500 意志薄旗下酒 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 54,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 314, 200 Computer (5-year) 10/11/2022 12/15/2022 HY 114,000 *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. Depreciation deduction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Way Corporation disposed of the following tangible personal property assets in the current year.
Date
Original
Asset
Acquired
Date Sold
Convention
Basis
Furniture (7-year)
5/12/2018
7/15/2022
HY
$ 97,500
3/23/2019
Machinery (7-year)
3/15/2022
MQ
114,500
意志薄旗下酒
Delivery truck* (5-year)
9/17/2020
3/13/2022
HY
54,000
Machinery (7-year)
10/11/2021
8/11/2022
MQ
314, 200
Computer (5-year)
10/11/2022
12/15/2022
HY
114,000
*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.
Depreciation deduction
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