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 $ 43,000 $ 47,000 $ 90,000 $ 420,000 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 $ 43,000 $ 47,000 $ 90,000 $ 420,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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b. What is Anna's year 2 cost recovery for each asset?
![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
Problem 10-48 Part a (Algo)
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.
Asset
a. What is Anna's year 1 cost recovery for each asset?
Computers
Office desks
Machinery
Office building
Total
Date Acquired
1/30
2/15
7/25
8/13
Year 1
Cost Recovery
$
$
13,760
Cost Basis
$ 43,000
$ 47,000
$ 90,000
$ 420,000
13,760](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0142ac18-37d1-4a68-b687-e572ca15843b%2Fc06b3f1a-1438-4193-a7ac-a1b347181d09%2Fz2ff6t_processed.png&w=3840&q=75)
Transcribed Image Text: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
Problem 10-48 Part a (Algo)
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.
Asset
a. What is Anna's year 1 cost recovery for each asset?
Computers
Office desks
Machinery
Office building
Total
Date Acquired
1/30
2/15
7/25
8/13
Year 1
Cost Recovery
$
$
13,760
Cost Basis
$ 43,000
$ 47,000
$ 90,000
$ 420,000
13,760
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