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[ The following information applies to the questions displayed below. ] Karane Enterprises, a calendar - year manufacturer based in College Station, Texas, began business
The following information applies 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 various types of assets. Below is a list of assets acquired during : Asset Cost Date Placed in Service Office furniture $ Machinery Used delivery truckNote: Note: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 : Asset Cost Date Placed in Service Computers and information system $ Luxury autoNote: Assembly equipment Storage building Note: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 positive numbers. Required: d Now assume that during Karane decides to buy a competitor's assets for a purchase price of $ Compute the maximum cost recovery, including expense and bonus depreciation. Karane purchased the following assets for the lumpsum purchase price: Note: Round your final answers to the nearest whole dollar amount. Asset Cost Date Placed in Service Inventory $ Office furniture Machinery Patent Goodwill Building Land Assume that Karane takes the maximum section expense for the Assembly Equipment. All filled in answers are correct. Do not fill in answers with s if they were correct and why would you think im asking for help. please fill in correctly. thanks.
The following information applies 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 various types of assets. Below is a list of assets acquired during :
Asset Cost Date Placed in Service
Office furniture $
Machinery
Used delivery truckNote:
Note: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 :
Asset Cost Date Placed in Service
Computers and information system $
Luxury autoNote:
Assembly equipment
Storage building
Note: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 positive numbers.
Required:
d Now assume that during Karane decides to buy a competitor's assets for a purchase price of $ Compute the maximum cost recovery, including expense and bonus depreciation. Karane purchased the following assets for the lumpsum purchase price:
Note: Round your final answers to the nearest whole dollar amount.
Asset Cost Date Placed in Service
Inventory $
Office furniture
Machinery
Patent
Goodwill
Building
Land
Assume that Karane takes the maximum section expense for the Assembly Equipment.
All filled in answers are correct. Do not fill in answers with s if they were correct and why would you think im asking for help. please fill in correctly. thanks.
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