As of December 31, 2022, Shanda Lear's Lighting Store, a sole proprietorship, had furniture of$28,200 as its sole fixed asset. It had purchased the furniture on August 1, 2022, and hadappropriately taken $2,014 of depreciation on it in 2022.In 2023, Shanda Lear's Lighting Store purchased a computer for the business for $3,922.Assuming Shanda Lear's Lighting Store has always declined section 179 and bonusdepreciation, what would be its total 2023 depreciation expense for the furniture andcomputer, if it uses straight-line depreciation?(Round your answer to the nearest dollar.)(Numbers only. Do not use dollar signs, commas or decimals.)I

To calculate the total depreciation expense for 2023 using the straight-line depreciation method, we…

Assuming Shanda Lear's Lighting Store has always declined section 179 and bonus depreciation, what would be its total 2023 depreciation expense for the furniture and computer, if it uses straight-line depreciation?

Assuming Shanda Lear's Lighting Store has always declined section 179 and bonus depreciation, what would be its total 2023 depreciation expense for the furniture and computer, if it uses straight-line depreciation?

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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Question

As of December 31, 2022, Shanda Lear's Lighting Store, a sole proprietorship, had furniture of
$28,200 as its sole fixed asset. It had purchased the furniture on August 1, 2022, and had
appropriately taken $2,014 of depreciation on it in 2022.
In 2023, Shanda Lear's Lighting Store purchased a computer for the business for $3,922.
Assuming Shanda Lear's Lighting Store has always declined section 179 and bonus
depreciation, what would be its total 2023 depreciation expense for the furniture and
computer, if it uses straight-line depreciation?
(Round your answer to the nearest dollar.)
(Numbers only. Do not use dollar signs, commas or decimals.)
I

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