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PART I: Depreciation and Amortization Expense Midwest Industries SSN#000-00-0000 (a sole proprietorship filing Schedule C) purchased the assets of Hawkeye Company for a total of
PART I: Depreciation and Amortization Expense Midwest Industries SSN#000-00-0000 (a sole proprietorship filing Schedule C) purchased the assets of Hawkeye Company for a total of $4,000,000 on June 1, 2019. The assets were immediately placed in service. The purchase agreement allocates the total purchase price per the table below. Complete Form 4562 using the depreciation tables and the following assumptions: a. The company also began renting a residential condominium acquired for $240,000 and placed in service on September 1, 2019. b. There were no other assets purchased during 2019. C. The company will not take section 179 expense or bonus depreciation. d. The company will use the default method. e. The company uses a calendar year end. f. The company had total depreciation expense for assets acquired prior to January 1, 2019 of $206,584. Asset Land Building Equipment Delivery trucks (weight
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