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Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis $ 80,000 97,000 3/23/2019 9/17/2020 40,000 296,000 100,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year) Machinery (7-year) Computer (5-year) "Used 100 percent for business. 10/11/2021 10/11/2022 Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Convention HY MQ HY MQ HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction ( 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 5/12/2018 Original Basis $ 80,000 97,000 3/23/2019 9/17/2020 40,000 296,000 100,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year) Machinery (7-year) Computer (5-year) "Used 100 percent for business. 10/11/2021 10/11/2022 Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Convention HY MQ HY MQ HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction ( 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.

FINANCIAL ACCOUNTING
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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Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis $ 80,000 97,000 3/23/2019 9/17/2020 40,000 10/11/2021 296,000 10/11/2022 100,000 Asset Furniture (7-year) 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. Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Convention HY MQ HY MQ HY
Transcribed Image Text:Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis $ 80,000 97,000 3/23/2019 9/17/2020 40,000 10/11/2021 296,000 10/11/2022 100,000 Asset Furniture (7-year) 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. Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Convention HY MQ HY MQ HY
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