Required information Skip to question [The following information…

Required informationSkip to question
[The following information applies to the questions displayed below.]
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021:
Asset Cost Date Placed in Service
Office furniture $ 330,000 02/03/2021
Machinery 1,596,000 07/22/2021
Used delivery truck* 76,000 08/17/2021
*Not considered a luxury automobile.
During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022:
Asset Cost Date Placed in Service
Computers and information system $ 436,000 03/31/2022
Luxury auto* 89,000 05/26/2022
Assembly equipment 1,380,000 08/15/2022
Storage building 700,000 11/13/2022
*Used 100% for business purposes.
Karane generated taxable income in 2022 of $1,777,500 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.

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount