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Required Information [ The following information applles to the questions displayed below. ] Karane Enterprises, a calendar - year manufacturer based in College Station, Texas,
Required Information
The following information applles to the questions displayed below.
Karane Enterprises, a calendaryear manufacturer based in College Station, Texas, began business in In the process of setting up the business, Karane has acquired varlous types of assets. Below is a list of assets acquired during :
tableAssetcosttableDate Placed inServiceoffice furniture,$Theta theta MachineryUsed delivery trucktheta
Not considered a luxury automobile.
During Karane was very successful and had no $ limitations and decided to acquire more assets in to Increase its production capacity. These are the assets acquired during :
tableAssetDate Placed inComputers and information system,$theta ServiceLuxury autoAssembly equipment,Storage building,
Used for business purposes.
Karane generated taxable Income in of $ for purposes of computing the $ expense limitationUse MACRS Table Table Table Table Table and Exhibit
Note: Leave no answer blank. Enter zero if applicable. Input all the values as positlve numbers.
Required:
c Compute the maximum depreclation deductions, Including $ expense, but now assume that Karane would like to take bonus depreclation.
tableDescriptionCost,tableSectionExpenseBonus,tableMACRSBasistableCurrentMACRSDepreciationtableTotal CostRecoveryDeduction AssetsMachineryxxxxUsed Delivery Truck,xtimes Computers and Information System,xtimes xLuxury Auto,gamma gamma xtimes xAssembly Equipment,times times xxStorage Building,Omega times xTotal$$$$
Red text inclicates no response was expected in a cell or a formulabased calculation is incorrect; no points deducted.
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