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Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. What is the depreciable basis that Brittany should use in her business for each asset, given the following information? Asset                    Purchase Price                  FMV at Time Converted to Business Use Computer            $5,500                                                $3,800 Printer                  $3,300                                                $3,150 Desk                     $4,200                                                $4,000 File Cabinet         $3,200                                                $3,225

Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. What is the depreciable basis that Brittany should use in her business for each asset, given the following information? Asset                    Purchase Price                  FMV at Time Converted to Business Use Computer            $5,500                                                $3,800 Printer                  $3,300                                                $3,150 Desk                     $4,200                                                $4,000 File Cabinet         $3,200                                                $3,225

FINANCIAL ACCOUNTING
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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- Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business. What is the depreciable basis that Brittany should use in her business for each asset, given the following information?

Asset                    Purchase Price                  FMV at Time Converted to Business Use

Computer            $5,500                                                $3,800

Printer                  $3,300                                                $3,150

Desk                     $4,200                                                $4,000

File Cabinet         $3,200                                                $3,225

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