During 2020, the Hackett Corporation purchased the property listed in the table below for use in its calendar-year business. The company uses accelerated depreciation under MACRS, if available, does not make the election to expense, and elects out of bonus depreciation. Item Date Acquired Cost Manufacturing equipment (7 -year) June 2, 2020 $50,000 Office furniture September 15 8.000 Office computer November 18 2,000 Passenger vehicle (used 85% for business) May 31 55,000 Warehouse July 23 170,000 Land July 23 135,000 Required: Calculate the individual depreciation as well as the total depreciation that the corporation records for the year.
During 2020, the Hackett Corporation purchased the property listed in the table below for use in its calendar-year business. The company uses accelerated depreciation under MACRS, if available, does not make the election to expense, and elects out of bonus depreciation. Item Date Acquired Cost Manufacturing equipment (7 -year) June 2, 2020 $50,000 Office furniture September 15 8.000 Office computer November 18 2,000 Passenger vehicle (used 85% for business) May 31 55,000 Warehouse July 23 170,000 Land July 23 135,000 Required: Calculate the individual depreciation as well as the total depreciation that the corporation records for the year.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 33P
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During 2020, the Hackett Corporation purchased the property listed in the table below for use in its calendar-year business. The company uses accelerated
|
Item |
Date Acquired |
Cost |
|
Manufacturing equipment (7 -year) |
June 2, 2020 |
$50,000 |
|
Office furniture |
September 15 |
8.000 |
|
Office computer |
November 18 |
2,000 |
|
Passenger vehicle (used 85% for business) |
May 31 |
55,000 |
|
Warehouse |
July 23 |
170,000 |
|
Land |
July 23 |
135,000 |
Required: Calculate the individual depreciation as well as the total depreciation that the corporation records for the year.
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