At the Beginning of the year, Anna began a calendar-year business and placed year: Asset Computers Office desks Machinery office building Date Acquired 1/30 2/15 7/25 8/13 Cost Basis $ 28,000 $32,000 $75,000 $ 400,000 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) mat is Anna's year 2 cost recovery for each asset?
At the Beginning of the year, Anna began a calendar-year business and placed year: Asset Computers Office desks Machinery office building Date Acquired 1/30 2/15 7/25 8/13 Cost Basis $ 28,000 $32,000 $75,000 $ 400,000 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) mat is Anna's year 2 cost recovery for each asset?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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.) (Do not round intermediate calculations. Round
your final answers to the nearest whole dollar amount.)
b. What is Anna's year 2 cost recovery for each asset?
Asset
Computers
Office desks
Date Acquired
1/30
2/15
7/25
8/13
Machinery
Office building
Total
Cost Basis
$ 28,000
$ 32,000
$75,000
$ 400,000
Year 2
Cost Recovery.
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