Documents X New chat X Assignments: X M Question 5 - X M Tax Structuring organizat x @ Home - Goog X ; 2.22 - Googl X G Grammarly X + C 20 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware... : Ebooks - Cengage... P ECON330 TEXBO... cengage my home R.H.Smith School.. G Grammarly My Events / EMS Microsoft Office H... A Women's | Arc'teryx > > All Bookmarks Tax Exercise 01 i Saved Help Save & Exit Submit This question will be sent to your instructor for grading. 5 Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Static) The following information applies to the questions displayed below.] Part 5 of 5 Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2022. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2022: 3 points Date Placed in Asset Cost Service Office furniture Skipped $ 150, 000 02/03/2022 Machinery 1, 560, 000 07/22/2022 Used delivery truck* 40, 000 08/17/2022 eBook *Not considered a luxury automobile. Print During 2022, Karane was very successful (and had no $179 limitations) and decided to acquire more assets in 2023 to References increase its production capacity. These are the assets acquired during 2023: Date Placed in Asset Cost Service Computers and information system $ 400, 000 31/2023 Luxury auto* 80, 000 05/26/2023 Assembly equipment 1, 200, 000 08/15/2023 Storage building 700, 000 11/13/2023 *Used 100% for business purposes. Karane generated taxable income in 2023 of $1,732,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10. Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers. Mc Graw > All Bookmarks Tax Exercise 01 i Saved Help Save & Exit Submit Check my work Required: d. Now assume that during 2023, Karane decides to buy a competitor's assets for a purchase price of $1,350,000. Compute the Part 4 of 5 maximum 2023 cost recovery, including $179 expense and bonus depreciation. Karane purchased the following assets for the lump- sum purchase price: Note: Round your final answers to the nearest whole dollar amount. 3 Date Placed in points Asset Cost Service Inventory $ 220, 000 09/15/2023 Skipped Office furniture 230, 000 09/15/2023 Machinery 250, 000 09/15/2023 Patent 198 , 000 09/15/2023 Goodwill 2, 000 09/15/2023 eBook Building 430, 000 09/15/2023 Land 20 , 000 09/15/2023 Print References Assume that Karane takes the maximum section 179 expense for the Assembly Equipment. Section 179 Current Current Total Cost Description Cost Bonus MACRS Basis MACRS Recovery Expense Amortization Depreciation Deduction 2022 Assets Office Furniture $ 0 Machinery Used Delivery Truck 0 2023 Assets Computers and Information System O Luxury Auto Assembly Equipment Starana Building Mc Graw Hill