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Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Date Acquired 5/12/19 Date Sold Convention 7/15/23
Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Date Acquired 5/12/19 Date Sold Convention 7/15/23 HY Original Basis $ 100,000 Machinery (7-year) 3/23/20 3/15/23 MQ 117,000 Delivery truck* (5-year) 9/17/21 3/13/23 HY 56,000 Machinery (7-year) 10/11/22 8/11/23 MQ 316,800 Computer (5-year) 10/11/23 12/15/23 HY 116,000 * *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore 179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. > Answer is complete but not entirely correct. Depreciation deduction $ 80,940
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