Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Way Corporation disposed of the following tangible personal property assets in the current year. $ Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year)
Way Corporation disposed of the following tangible personal property assets in the current year. $ Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) Date Date Acquired Sold Convention 5/12/15 7/15/19 H Y 3/23/16 3/15/19 9/17/17 3 /13/19 HY 10/11/18 8/11/19 MO 10/11/1912/15/19H Y Original Basis 97,500 114, see 54,00 314, 200 114, eee "Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2019 depreciation deduction (Ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1. Table 2. and Exhibit 10-6.) (Round your Intermediate dollar calculations and final answer to the nearest whole dollar amount.) Depreciation deduction 3-Year 33.33% 44.45 14.81 7.41 Yearl Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Depreciation Rate for Recovery Period 5-Year 7-Year 10-Year 15-Year 20.00% 14.29% 10.00% 5.00% 32.00 24.49 18.00 9.50 19.20 17.49 14.40 8.55 11.52 12.49 11.52 7.70 11.52 8.93 9.22 6.93 5.76 8.92 7.37 6.23 8.93 - 6.55 5.90 4.46 6.55 5.90 6.56 5.91 6.55 5.90 20-Year 3.750% 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started