Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis Asset Furniture (7-year) Machinery (7-year) 3/23/2019 9/17/2020 Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 10/11/2021 10/11/2022 Convention HY MO HY Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. $ 117,500 134,500 70,000 335,000 130,000 MQ HY
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 Original Basis Asset Furniture (7-year) Machinery (7-year) 3/23/2019 9/17/2020 Depreciation deduction Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 10/11/2021 10/11/2022 Convention HY MO HY Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. $ 117,500 134,500 70,000 335,000 130,000 MQ HY
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
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Q.27.
Transcribed Image Text:Way Corporation disposed of the following tangible personal property assets in the current year.
Date
Acquired
5/12/2018
Original
Basis
3/23/2019
$ 117,500
134,500
70,000
9/17/2020
10/11/2021
335,000
10/11/2022
130,000
Asset
Furniture (7-year)
Machinery (7-year)
Delivery truck* (5-year)
Machinery (7-year)
Computer (5-year)
Date Sold
7/15/2022
3/15/2022
3/13/2022
8/11/2022
12/15/2022
Depreciation deduction
Convention
HY
MQ
HY
MQ
HY
*Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense
and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.)
Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
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