Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Total Date Placed in Original Service Basis $ 70,000 10,000 23,000 150,000 $ 253,000 October 25 February 3 March 17 April 22 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. MACRS depreciation Problem 10-54 Part b (Static) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? $ 257,815
Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Total Date Placed in Original Service Basis $ 70,000 10,000 23,000 150,000 $ 253,000 October 25 February 3 March 17 April 22 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. MACRS depreciation Problem 10-54 Part b (Static) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? $ 257,815
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
Problem 10-54 (LO 10-2, LO 10-3) (Static)
Convers Corporation (calendar year-end) acquired the following
assets during the current tax year: (ignore §179 expense and bonus
depreciation for this problem): (Use MACRS Table 1, Table 2 and
Table 5.)
Asset
Machinery
Computer equipment
Delivery truck*
Furniture
Total
Date Placed in
Service
October 25
February 3
MACRS depreciation
March 17
April 22
Original
Basis
"The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed qualified real property
(MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000.
$ 70,000
10,000
23,000
150,000
$ 253,000
Problem 10-54 Part b (Static)
b. What is the allowable MACRS depreciation on Convers's property in the current year
assuming Convers does not elect out of bonus depreciation (but does not take §179
expense)?
$ 257,815](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb0592a4-88c0-4a22-b32f-9a31709ba17f%2Fdfe29099-f4d6-4c37-9708-a3a461689e1a%2Ftfpymtn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 10-54 (LO 10-2, LO 10-3) (Static)
Convers Corporation (calendar year-end) acquired the following
assets during the current tax year: (ignore §179 expense and bonus
depreciation for this problem): (Use MACRS Table 1, Table 2 and
Table 5.)
Asset
Machinery
Computer equipment
Delivery truck*
Furniture
Total
Date Placed in
Service
October 25
February 3
MACRS depreciation
March 17
April 22
Original
Basis
"The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed qualified real property
(MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000.
$ 70,000
10,000
23,000
150,000
$ 253,000
Problem 10-54 Part b (Static)
b. What is the allowable MACRS depreciation on Convers's property in the current year
assuming Convers does not elect out of bonus depreciation (but does not take §179
expense)?
$ 257,815
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