Federal taxation

Chapter10Homework1.xlsx
 

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:

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Homework Spring 2021 Instructions
Due Date: 02.1

9

.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. 1

7

9 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

Spring 2021

1

0,000

2

– 0 – 0 – 0 – 0

3

75,000 10.00 – 0

4

02.10.2017

10.00 – 0

5

10.00 – 0 4,000

6

10.00 – 0

7 Furniture & Fixtures

10.00 – 0

8,000

8

10.00 – 0 – 0

100,000

9 Building

10.00 – 0 – 0

250,000

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

Furniture & Fixtures

10.00 – 0 – 0

2,700

– 0

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

Acc 3043	Chapter 10 Homework
Book
	Asset No.		Asset Description		Date in Service		Basis		Life		Bonus Depreciation		Beginning A/D		2020 Depreciation		Ending A/D
			Building		01.01.201		6		950,000										10.00																							– 0	3			8	95,000	4		75,000
	Land		01.01.2016		300,000	N/A
					Furniture & Fixtures				02.10.2017	22,500	7,500			30,000
			Computer Equipment		35,000	10,500	3,500	1	4,000
	Software		03.15.2018		20,000	2,000	6,000
	Landscaping		04.15.2018		15,000			3,000	1,500	4,500
	04.15.2019	80,000		8,000	16,000
	Industrial Machine				07.20.2020		1,000,000		100,000
	07.21.2020		2,500,000		250,000
	11		07.25.2020		27,000		2,700
	Total		5,032,000	428,000	473,200	901,200
Tax