Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold 5/12/19 Original Basis $ 87,500 104,500 46,000 3/23/20 9/17/21 303,800 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year) Machinery (7-year) Computer (5-year) 10/11/22 10/11/23 Depreciation deduction 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Convention HY MQ HY MO HY Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 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.
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold 5/12/19 Original Basis $ 87,500 104,500 46,000 3/23/20 9/17/21 303,800 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year) Machinery (7-year) Computer (5-year) 10/11/22 10/11/23 Depreciation deduction 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Convention HY MQ HY MO HY Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Way Corporation disposed of the following tangible personal property assets in the current year.
Date
Acquired
5/12/19
Original
Basis
$ 87,500
104,500
3/23/20
9/17/21
10/11/22
10/11/23
Asset
Furniture (7-year))
Machinery (7-year)
Delivery truck* (5-year)
Machinery (7-year)
Computer (5-year)
Date Sold
7/15/23
3/15/23
3/13/23
Depreciation deduction
8/11/23
12/15/23
Convention
HY
MQ
HY
MQ
HY
46,000
303,800
106,000
Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 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.
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