Problem 10-48 (LO 10-2) (Algo)[The following information applies to the questions displayed below.]At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during theyear:AssetComputersOffice desksMachineryoffice buildingAssuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions:(Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.Problem 10-48 Part b (Algo)b. What is Anna's year 2 cost recovery for each asset?AssetComputersOffice desksDate Acquired1/302/157/258/13MachineryOffice buildingTotalYear 2Cost RecoverySCost Basis$ 61,000$ 65,000108,000$$ 444,000

To calculate the year 2 cost recovery for each asset, you need to use the Modified Accelerated Cost…

Answered: b. What is Anna's year 2 cost recovery…

b. What is Anna's year 2 cost recovery for each asset? Year 2 Cost Recovery Asset Computers Office desks Machinery Office building Total $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Problem 10-48 (LO 10-2) (Algo) [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Problem 10-48 Part a (Algo) a. What is Anna's year 1 cost recovery for each asset? Year 1 Cost Recovery Asset Date Acquired 1/30 2/15 7/25 8/13 Computers Office desks Machinery Office building Total $ Cost Basis $ 49,000 $ 53,000 $ 96,000 $ 428,000 0
Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Asset Machinery Office building Asset Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ Cost Basis $ 47,500 $ 51,500 $ 94,500 $ 426,000 Year 1 Cost Recovery 9,500 7,359 Machinery 13,504 Office building 4,096 Total 34,459 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery office building Asset Asset Date Acquired 1/30 2/15 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Machinery Office building Total 7/25 8/13 Answer is complete but not entirely correct. Year 1 Cost Recovery $ $ $ $ $ Cost Basis. $ 37,000 $ 41,000 $ 84,000 $ 412,000 7,400 5,859 12,004 3,963 29,226
Check my work Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (gnore S179 expense and bonus depreciation for this problem): (Use MACRS Table Table 2 and Iable 5) Date Placed n original Anset Service Basis Hachinery Computer equipnent Delivery truck Turniture Oetober 25 Februard March 17 April 22 $ 90, 000 30,000 43,000 170,000 $ 333,000 Total "The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $500,000. Problem 10-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect 5179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) MACRS depreciation
[The following information applies to the questions displayed below.] Dog Co. acquired and placed in service the following assets during the year: Date Cost Asset Placed in Service Basis Computer equipment 3/9 $ 15,800 Furniture 5/23 23,200 Commercial building 10/19 347,000 Assuming Dog Co. does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Dog Co.'s year 3 cost recovery for each asset if Dog Co. sells all of these assets on 4/16 of year 3?
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery Office building Asset Asset Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Year 1 Cost Recovery Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ 56,000 X 4,573 10,718 Machinery Office building Total 75,131 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost Basis $28,000 $ 32,000 $75,000 $ 400,000 3,840 x At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks…
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computers 1/30 $ 55,000 Office desks 2/15 $ 59,000 Machinery 7/25 $ 102,000 Office building 8/13 $ 436,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Anna’s year 1 cost recovery for each asset? b. What is Anna’s year 2 cost recovery for each asset?
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Date Acquired 1/30 2/15 Asset 7/25 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Year 1 Cost Recovery Computers Office desks Machinery Office building Total Cost Basis $ 28,000 $ 32,000 $ 75,000 $ 400,000
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 1/30 Computers Office desks 2/15 7/25 Machinery Office building 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Anna's year 2 cost recovery for each asset? Year 2 Asset Cost Recovery Computers $ 20,480 Office desks 16,653 Machinery $ 27,184 Office building Total 75,786 %24
Required information [The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) Office equipment (7-year) Furniture (7-year) Start-up costs October 30, Year 1 October 30, Year 1 October 30, Year 1 October 30, Year 1 $16,400 10,000 5,800 19,520 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $12,520, and the sale was completec on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after…
Required information Problem 02-54 (LO 02-2, LO 02-3) (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 Problem 02-54 Part b (Algo) MACRS depreciation 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 $560,000. $ 96,000 36,000 49,000 176,000 $ 357,000 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)? Note: Round your intermediate calculations to the nearest whole dollar amount.
[The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Acquired 1/30 Asset Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 Computers Office desks 2/15 Machinery Office building 7/25 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Anna's year 1 cost recovery for each asset? Year 1 Asset Cost Recovery Computers Office desks Machinery Office building Total $