**Depreciation Question**During 2023, Phoenix purchased 5-year tangible personal property totaling $2,500,000. The half-year convention applies for 2023. Phoenix would like to claim the maximum amount of depreciation possible. What is the maximum depreciation deduction for the year assuming he has sufficient taxable income and his deduction is not limited?a) $500,000 b) $1,160,000 c) $1,428,000 d) **$2,285,600**The correct answer is **d) $2,285,600**.

Depreciation of 5-year tangible personal property involves allocating the cost of such assets over…

Answered: a) $500,000 b) $1,160,000 c) $1,428,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a) $500,000 b) $1,160,000 c) $1,428,000 d) $2,285,600