At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Date Acquired 1/30 2/15 7/25 8/13 Cost Basis $ 53,500 $ 57,500 100,500 a. What is Anna's year 1 cost recovery for each asset? $ $ 434,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Date Acquired 1/30 2/15 7/25 8/13 Cost Basis $ 53,500 $ 57,500 100,500 a. What is Anna's year 1 cost recovery for each asset? $ $ 434,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

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

At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the
year:
Computers
Office desks
Machinery
Office building
Asset
Asset
Date Acquired
1/30
2/15
7/25
8/13
Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions:
(Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
a. What is Anna's year 1 cost recovery for each asset?
Computers
Office desks
Machinery
Office building
Total
Cost Basis
$ 53,500
$ 57,500
$ 100,500
$ 434,000
Year 1
Cost Recovery

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