Required Information The following Information applies to the questlons displayed below] Karane Enterprises, a calendar-year manufacturer based In College Station, Texas, began business In 2017. In the process of setting up the business, Karane has acquired varlous types of assets. Below Is a list of assets acquired during 2017: Date Placed in Cost Service Asset Office furniture 150,eee 02/03/2017 Machinery 07/22/2017 1,560,eee Used delivery truck* 40,eee 08/17/2017 Not considered a luxury auttomoblle. During 2017, Karane was very successful (and had no $179 limitations) and decided to acquire more assets this next year to Increase Its production capacity. These are the assets acquired during 2018 Date Placed in Service Asset Cost Computers & info. system 03/31/2018 480, eee Luxury autot Assembly equipment 05/26/2018 80, eee 1,200,eee 08/15/2018 Storage building 7e0, ee0 11/13/2018 tUsed 100% for business purposes. Karane generated taxable Income In 2018 of $1,732,500 for purposes of computing the S179 expense. (Use MACRS Table 1, Table 2. Table 3. Table 4. Table 5, and Exhlblt 10-10.) Assume the 2017 S179 llmits are the same as those In 2018. (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) Compute the maxImum 2018 depreciation deductions including S179 expense, but now assume that Karane would like to take bonus depreclation Current Total Sec. 179 Description Cost Bonus MACRS Basis MACRS Depreciation Deduction Expense Depreciation 2017 Assets Office furniture C Machinery C Used delivery truck C 2018 Assets Computers & Info. System C Luxury Auto Assembly Equipment C Storage Building C Totals S C 0 0 0 Required Information The following Information applies to the questlons displayed below] Karane Enterprises, a calendar-year manufacturer based In College Station, Texas, began business In 2017. In the process of setting up the business, Karane has acquired varlous types of assets. Below Is a list of assets acquired during 2017: Date Placed in Cost Service Asset Office furniture 150,eee 02/03/2017 Machinery 07/22/2017 1,560,eee Used delivery truck* 40,eee 08/17/2017 Not considered a luxury auttomoblle. During 2017, Karane was very successful (and had no $179 limitations) and decided to acquire more assets this next year to Increase Its production capacity. These are the assets acquired during 2018 Date Placed in Service Asset Cost Computers & info. system 03/31/2018 480, eee Luxury autot Assembly equipment 05/26/2018 80, eee 1,200,eee 08/15/2018 Storage building 7e0, ee0 11/13/2018 tUsed 100% for business purposes. Karane generated taxable Income In 2018 of $1,732,500 for purposes of computing the S179 expense. (Use MACRS Table 1, Table 2. Table 3. Table 4. Table 5, and Exhlblt 10-10.) Assume the 2017 S179 llmits are the same as those In 2018. (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) Compute the maxImum 2018 depreciation deductions including S179 expense, but now assume that Karane would like to take bonus depreclation Current Total Sec. 179 Description Cost Bonus MACRS Basis MACRS Depreciation Deduction Expense Depreciation 2017 Assets Office furniture C Machinery C Used delivery truck C 2018 Assets Computers & Info. System C Luxury Auto Assembly Equipment C Storage Building C Totals S C 0 0 0
