Problem 2-54 (LO 2-2, LO 2-3) (Algo) 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 March 17 April 22 Original Basis $ 86,000 26,000 39,000 166,000 $ 317,000 *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 $460,000.
Problem 2-54 (LO 2-2, LO 2-3) (Algo) 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 March 17 April 22 Original Basis $ 86,000 26,000 39,000 166,000 $ 317,000 *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 $460,000.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.3.1C
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