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Required information Skip to question [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS

Required information

Skip to question

[The following information applies to the questions displayed below.]

Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1, Table 2 and Exhibit 10-10.)

Asset Placed in Service Basis
Used copier November 12 $ 11,400
New computer equipment June 6 17,600
Furniture July 15 35,600
New delivery truck October 28 22,600
Luxury auto January 31 73,600
Total $ 160,800

Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. (Round your answer to the nearest whole dollar amount.)

b. Assuming Burbank would like to maximize its cost recovery deductions by claiming bonus and 179 expense, which assets should Burbank immediately expense? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

check all that apply

  • Used Copier
  • New Computer Equipmentunanswered
  • Furnitureunanswered
  • New Delivery Truckunanswered
  • Luxury Autounanswered

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