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On the tab marked ‘Depreciation Schedule’ complete the following items:
1 Apply the appropriate tax depreciable life to each asset
2 Calculate any allowable bonus depreciation on each asset. Assume no sec. 179 deduction has been taken on any asset.
3 Calculate the beginning accumulated depreciation for each asset. Include any allowable bonus depreciation in this amount
4 Calculate the current year tax depreciation for each asset.
5 Calculate the book to tax difference on the depreciation of these assets. Use the book depreciation schedule provided. Do not adjust or review the calculations on the book schedule.
All of this is to be done in Excel:

Instructions

Acc 3043

Chapter 10 Homework

Spring 2021

Instructions

Due Date: 02.19.21

Possible Points 10

On the tab marked ‘Depreciation Schedule’ complete the following items:

1 Apply the appropriate tax depreciable life to each asset

2 Calculate any allowable bonus depreciation on each asset. Assume no sec. 179 deduction has been taken on any asset.

3 Calculate the beginning accumulated depreciation for each asset. Include any allowable bonus depreciation in this amount

4 Calculate the current year tax depreciation for each asset.

5 Calculate the book to tax difference on the depreciation of these assets. Use the book depreciation schedule provided. Do not adjust or review the calculations on the book schedule.

Do not change any calculations on the ‘book’ depreciation schedule.

You may work in a group for this assignment. Each group only needs to submit one copy of the completed Excel file.

Submit your completed Excel file via blackboard.

List group members, if any, here:

Depreciation Schedule

Acc 3043

Chapter 10 Homework

Spring 2021

Book

Asset No. Asset Description Date in Service Basis Life Bonus Depreciation Beginning A/D 2020 Depreciation Ending A/D

1 Building 01.01.2016 950,000 10.00 – 0 380,000 95,000 475,000

2 Land 01.01.2016 300,000 N/A – 0 – 0 – 0 – 0

3 Furniture & Fixtures 02.10.2017 75,000 10.00 – 0 22,500 7,500 30,000

4 Computer Equipment 02.10.2017 35,000 10.00 – 0 10,500 3,500 14,000

5 Software 03.15.2018 20,000 10.00 – 0 4,000 2,000 6,000

6 Landscaping 04.15.2018 15,000 10.00 – 0 3,000 1,500 4,500

7 Furniture & Fixtures 04.15.2019 80,000 10.00 – 0 8,000 8,000 16,000

8 Industrial Machine 07.20.2020 1,000,000 10.00 – 0 – 0 100,000 100,000

9 Building 07.21.2020 2,500,000 10.00 – 0 – 0 250,000 250,000

10 Computer Equipment 07.20.2020 30,000 10.00 – 0 – 0 3,000 3,000

11 Furniture & Fixtures 07.25.2020 27,000 10.00 – 0 – 0 2,700 2,700

Total 5,032,000 – 0 428,000 473,200 901,200

Tax

Asset No. Asset Description Date in Service Basis Life Bonus Depreciation Beginning A/D 2020 Depreciation Ending A/D

1 Building 01.01.2016 950,000

2 Land 01.01.2016 300,000

3 Furniture & Fixtures 02.10.2017 75,000

4 Computer Equipment 02.10.2017 35,000

5 Software 03.15.2018 20,000

6 Landscaping 04.15.2018 15,000

7 Furniture & Fixtures 04.15.2019 80,000

8 Industrial Machine 07.20.2020 1,000,000

9 Building 07.21.2020 2,500,000

10 Computer Equipment 07.20.2020 30,000

11 Furniture & Fixtures 07.25.2020 27,000

Total 5,032,000 – 0 – 0 – 0 – 0

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