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Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179...

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Accounting

Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.)

Asset Date Placed in Service Original Basis
Machinery October 25 $ 70,000
Computer equipment February 3 10,000
Delivery truck* March 17 23,000
Furniture April 22 150,000
Total $ 253,000

*The delivery truck is not a luxury automobile.

In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $300,000.

b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take 179 expense)?

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