Federal taxation
Tutor daniel
Chapter10Homework1.xlsxInstructions
| 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 |
