Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention Original Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 112,500 Machinery (7-year) 3/23/2019 3/15/2022 MQ 129,500 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 66,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 329,800 Computer (5-year) 10/11/2022 12/15/2022 HY 126,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).
Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention Original Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 112,500 Machinery (7-year) 3/23/2019 3/15/2022 MQ 129,500 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 66,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 329,800 Computer (5-year) 10/11/2022 12/15/2022 HY 126,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 8RE
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Way Corporation disposed of the following tangible personal property assets in the current year.
| Asset | Date Acquired | Date Sold | Convention | Original Basis |
|---|---|---|---|---|
| Furniture (7-year) | 5/12/2018 | 7/15/2022 | HY | $ 112,500 |
| Machinery (7-year) | 3/23/2019 | 3/15/2022 | MQ | 129,500 |
| Delivery truck* (5-year) | 9/17/2020 | 3/13/2022 | HY | 66,000 |
| Machinery (7-year) | 10/11/2021 | 8/11/2022 | MQ | 329,800 |
| Computer (5-year) | 10/11/2022 | 12/15/2022 | HY | 126,000 |
*Used 100 percent for business.
Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022
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