Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis $ 87,500 104,500 46,000 303,800 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) Date Acquired 5/12/19 3/23/20 9/17/21 10/11/22 10/11/23 Depreciation deduction Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Convention HY MQ HY MQ 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. Original Basis $ 87,500 104,500 46,000 303,800 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) Date Acquired 5/12/19 3/23/20 9/17/21 10/11/22 10/11/23 Depreciation deduction Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Convention HY MQ HY MQ 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.
Original
Basis
$ 87,500
104,500
46,000
303,800
106,000
Asset
Furniture (7-year)
Machinery (7-year)
Delivery truck* (5-year)
Machinery (7-year)
Computer (5-year)
Date
Acquired
5/12/19
3/23/20
9/17/21
Depreciation deduction
10/11/22
10/11/23
Date Sold
7/15/23
3/15/23
3/13/23
8/11/23
12/15/23
Convention
HY
MQ
HY
MQ
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.
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