Required information Problem 2-54 (LO 2-2, LO 2-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 118,000 58,000 71,000 198,000 Total $ 445,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $780,000. Problem 2-54 Part b (Algo) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)? Machinery October 25 $ 118,000 Computer equipment February 3 Delivery truck* Furniture March 17 April 22 58,000 71,000 198,000 Total $ 445,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $780,000. 12 Problem 2-54 Part b (Algo) b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)? Answer is complete but not entirely correct. MACRS depreciation $ 457,519