Question
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/13
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/13 7/15/19 HY $ 55,000 Machinery (7-year) 3/23/14 3/15/19 MQ 72,000 Delivery truck* (5-year) 9/17/16 3/13/19 HY 20,000 Machinery (7-year) 10/11/17 8/11/19 MQ 250,000 Computer (5-year) 2/11/19 12/15/19 HY 80,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporations 2019 depreciation expense (Way has not used 179 expense and bonus depreciation in past years and elects not to do so this year as well). Be sure to show your work if you want any partial credit.
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