Question
Problem 10-50 (LO 10-2) (Algo) Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention
Problem 10-50 (LO 10-2) (Algo) Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention Original Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 82,500 Machinery (7-year) 3/23/2019 3/15/2022 MQ 99,500 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 42,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 298,600 Computer (5-year) 10/11/2022 12/15/2022 HY 102,000 *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.
Problem 10-50 (LO 10-2) (Algo) Way Corporation disposed of the following tangible personal property assets in the current 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. Answer is complete but not entirely correctStep by Step Solution
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