Modified accelerated cost recovery system (macrs), listed property, limitation on depreciation of luxury automobiles (lo 7.4, 7.6, 7.7) during 2017, palo fiero purchases the following property for use in his calendar year-end manufacturing business: item date acquired cost manufacturing equipment (7 year) june 2 $38,000 office furniture september 15 5,400 office computer november 18 3,800 passenger automobile (used 90 percent for business) may 31 35,600 warehouse april 23 building 170,000 land 135,000 palo uses the accelerated depreciation method under macrs, if available, and does not make the election to expense or take a bonus depreciation. use form 4562 to report palo's depreciation expense for 2017. enter all amounts as positive numbers. if required, round to the nearest dollar. if an amount is zero, enter "0". click on the following links to access: depreciation tables annual automobile depreciation limitations table 7.1: recovery periods for assets placed in service after 1986.

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."