Question
Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate
Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporations 2019 depreciation expense (ignore 179 expense and bonus depreciation for this problem).
|
Asset |
Date acquired |
Date sold |
Convention | Original Basis | |
| Furniture (7 year) | 5/12/15 | 7/15/19 | HY | $60,000 | |
| Machinery (7 year) | 3/23/16 | 3/15/19 | MQ | $72,000 | |
| Delivery truck* (5 year) | 9/17/17 | 3/13/19 | HY | $20,000 | |
| Machinery (7 year) | 10/11/18 | 8/11/19 | MQ | $270,000 | |
| Computer (5 year) | 10/11/19 | 12/15/19 | HY | $80,000 | |
| *Used 100 percent for business. |
| ||||
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