DS:Required information[The following information applies to the questions displayed below.]Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 andTable 2.)MachineryDate Placed inServiceOctober 25February 3Computer equipmentUsed delivery truckeFurnitureAugust 17April 22*The delivery truck is not a luxury automobile.AssetOriginalBasis$ 84,00020,50033,500167,500b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonusdepreciation?MACRS depreciation

Depreciation in accounting refers to the systematic allocation of the cost of a tangible asset over…

Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 31 August 17 April 22 Computer equipment Used delivery trucke Furniture "The delivery truck is not a luxury automobile. Asset Original Basis $ 84,000 20,500 33,500 167,500 b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation? MACRS depreciation

Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 31 August 17 April 22 Computer equipment Used delivery trucke Furniture "The delivery truck is not a luxury automobile. Asset Original Basis $ 84,000 20,500 33,500 167,500 b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation? MACRS depreciation

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 [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery Computer equipment Used delivery truck* $ 106,000 37,000 50,000 195,000 October 25 February 3 August 17 April 22 Furniture *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) X Answer is complete but not entirely correct. MACRS depreciation
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment August 17 Used delivery truck* Furniture April 22 *The delivery truck is not a luxury automobile. Asset Depreciation Original Basis $ 84,000 20,500 33,500 167,500 a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations to the nearest whole dollar amount.
Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 3/6 Asset Cost Basis Computer equipment Furniture Commercial building $ 16,000 $ 24,700 $ 284,000 6/10 11/24 Assuming DLW 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 DLW's year 3 cost recovery for each asset if DLW sells these assets on 4/2 of year 3? Year 3 Cost Recovery Asset Computer equipment Furniture Commercial building Total $
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery October 25 $ 110,000 Computer equipment February 3 40,000 Used delivery truck* August 17 53,000 Furniture April 22 200,000 *The delivery truck is not a luxury automobile. Q: What is the allowable MACRS depreciation on Evergreen’s property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) (2 images limited, pls search full version table 2 online if need )
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) * Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Depreciation Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?
Required Information. Problem 10-53 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2) Asset Machinery Computer equipment Used delivery truck" Furniture Oate Placed in Service October 25 February 3 Depreciation August 17 April 22 "The delivery truck is not a luxury automobile Original Basis $ 84,000 20,500 33,500 167,500 Problem 10-53 Part a (Algo) a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect 5179 expense and elects out of bonus depreciation? Note: Round your Intermediate calculations to the nearest whole dollar amount.
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5 Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) * Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Depreciation Original Basis $ 102,000 34,000 47,000 190,000 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation?
Required information 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 October 25 Basis $ 70,000 February 3 March 17 April 22 $ 253,000 10,000 23,000 150,000 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 $300,000. 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)? MACRS depreciation $ 553,000
[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?
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! Required information Problem 02-53 (LO 02-2, LO 02-3) (Static) [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis Problem 02-53 Part b (Static) $ 70,000 10,000 23,000 150,000 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?