Woolard Supplies (a sole proprietorship) has taxable income in 2023 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) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Woolard Supplies (a sole proprietorship) has taxable income in 2023 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) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 10-62 (LO 10-2, LO 10-3) (Static)
[The following information applies to the questions displayed below]
Woolard Supplies (a sole proprietorship) has taxable income in 2023 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)
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Asset
office furniture (used)
Placed In
Service
March 201
Deductible $179 expense
Total depreciation deduction
$179 carryforward
Problem 10-62 Part b (Static)
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the
total depreciation that Woolard may deduct in 2023? What is Woolard's $179 carryforward amount to next year, if any?
Basis
$ 1,200,000
$
222,852
$
240,000
$ 857,148](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8e9bb0f-2b24-48c1-97c5-72c31cf21317%2F79129ec4-a224-4bf5-8c2a-30412220805b%2Fmauk05f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 10-62 (LO 10-2, LO 10-3) (Static)
[The following information applies to the questions displayed below]
Woolard Supplies (a sole proprietorship) has taxable income in 2023 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)
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Asset
office furniture (used)
Placed In
Service
March 201
Deductible $179 expense
Total depreciation deduction
$179 carryforward
Problem 10-62 Part b (Static)
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the
total depreciation that Woolard may deduct in 2023? What is Woolard's $179 carryforward amount to next year, if any?
Basis
$ 1,200,000
$
222,852
$
240,000
$ 857,148
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