Maximize 2023 Depreciation Deductions with §179 Expense Guide

School

Colorado Technical University**We aren't endorsed by this school

Course

ACCT 411

Subject

Accounting

Date

Dec 10, 2024

Pages

Uploaded by AgentThunderWolverine24

2Part 2 of 48.33pointsCheck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does notindicate completion.Week 2 PerformHelp Save & ExitSubmitSavedReturn to questionRequired:b.Compute the maximum 2023 depreciation deductions, including §179 expense (ignoring bonusdepreciation).Note: Round your final answers to nearest whole dollar.Answer is complete and correct.DescriptionCostSection 179 ExpenseMACRS BasisCurrent MACRS DepreciationTotal Cost Recovery Deduction2022 AssetsOffice furniture$180,000$0$180,000$44,082$44,082Machinery1,590,0000510,000124,899124,899Used delivery truck46,000046,00014,72014,7202023 AssetsComputers and Information System406,0000406,00081,20081,200Luxury Auto81,500081,50012,20012,200Assembly Equipment1,230,0001,160,00070,00010,0031,170,003Storage Building700,0000700,0002,2472,247Total$ 4,233,500$ 1,160,000$ 1,993,500$289,351$ 1,449,351Prev⦂Next ←234of6▦→Required information!