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 Cost Basis 1/30 $ 52,000 2/15 $ 56,000 7/25 $ 99,000 8/13 $ 432,000 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. Problem 10-48 Part a (Algo) a. What is Anna's year 1 cost recovery for each asset? Answer is not complete. Year 1 Assot Cost Recovery Computers S 10,400 Office desks S 8,002 Machinery S 14,147 Office building Total S 32,549
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 Cost Basis 1/30 $ 52,000 2/15 $ 56,000 7/25 $ 99,000 8/13 $ 432,000 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. Problem 10-48 Part a (Algo) a. What is Anna's year 1 cost recovery for each asset? Answer is not complete. Year 1 Assot Cost Recovery Computers S 10,400 Office desks S 8,002 Machinery S 14,147 Office building Total S 32,549
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:
Asset
Computers
Office desks
Machinery
Office building
Date Acquired
Cost Basis
1/30
$ 52,000
2/15
$ 56,000
7/25
$ 99,000
8/13
$ 432,000
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.
Problem 10-48 Part a (Algo)
a. What is Anna's year 1 cost recovery for each asset?
Answer is not complete.
Year 1
Assot
Cost
Recovery
Computers
S
10,400
Office desks
S
8,002
Machinery
S
14,147
Office building
Total
S
32,549
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