Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service Basis March 20 $1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year? Woolard's total depreciation

Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service Basis March 20 $1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year? Woolard's total depreciation

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Manji

Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation
deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does
not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round
intermediate calculations. Round your answers to the nearest whole dollar amount.)
Asset
Office furniture (used)
Placed In
Service
Basis
March 20 $1,185,000
a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year?
Woolard's total depreciation

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