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Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?

Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles
Section: Chapter Questions
Problem 8.1E
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Please solve 1 and 2 based on the data given.

As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention.

 

  1. Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources?
  2. What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?
Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 V Keep Only O Exclude $160,000 Regional Office: Philadelphia Region: 3 MACRS Year 1:0.20000 Purchase Amount: 1,152,863 Tax Depreciation Year 1: $230,573 $140,000 Regional Office $120,000 (All) Atlanta Boston $100,000 Chicago Dallas Denver $80,000 M Kansas City New York City V Philadelphia $60,000 San Francisco | Seattle $40,000 $20,000 $0 Kansas City Philadelphia * + ableau MACRS Tax Depreciation Year 1
Transcribed Image Text:Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 V Keep Only O Exclude $160,000 Regional Office: Philadelphia Region: 3 MACRS Year 1:0.20000 Purchase Amount: 1,152,863 Tax Depreciation Year 1: $230,573 $140,000 Regional Office $120,000 (All) Atlanta Boston $100,000 Chicago Dallas Denver $80,000 M Kansas City New York City V Philadelphia $60,000 San Francisco | Seattle $40,000 $20,000 $0 Kansas City Philadelphia * + ableau MACRS Tax Depreciation Year 1
Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 V Keep Only O Exclude Regional Office $120,000 (All) Regional Office: Kansas City Region: 7 Atlanta Boston MACRS Year 1:0.14290 $100,000 Purchase Amount: 1,097,148 Chicago Tax Depreciation Year 1: $156,782 Dallas Denver $80,000 V Kansas City New York City V Philadelphia $60,000 San Francisco Seattle $40,000 $20,000 $0 Kansas City Philadelphia 整+ableau MACRS Tax Depreciation Year 1
Transcribed Image Text:Supplier Penguin Network Warehouses, LLC (All) MACRS Depreciation Year 1 Emperor Office Furn.. Gentoo Refrigeration Regional Office V Magellanic Resources $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 V Keep Only O Exclude Regional Office $120,000 (All) Regional Office: Kansas City Region: 7 Atlanta Boston MACRS Year 1:0.14290 $100,000 Purchase Amount: 1,097,148 Chicago Tax Depreciation Year 1: $156,782 Dallas Denver $80,000 V Kansas City New York City V Philadelphia $60,000 San Francisco Seattle $40,000 $20,000 $0 Kansas City Philadelphia 整+ableau MACRS Tax Depreciation Year 1
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