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Calculate the following amounts: The first year of depreciation on a residential rental building costing $100,000, purchased on November 30.   The first year of depreciation on an auto used 100 percent in business, costing $30,000, purchased in May 2018. (No Section 179 or bonus depreciation).   The second year of depreciation on a computer used exclusively for business, costing $7,000, purchased May 2017.   The third year of depreciation on business furniture costing $1,000, purchased in July 2016, using the half-year convention and accelerated depreciation

Calculate the following amounts: The first year of depreciation on a residential rental building costing $100,000, purchased on November 30.   The first year of depreciation on an auto used 100 percent in business, costing $30,000, purchased in May 2018. (No Section 179 or bonus depreciation).   The second year of depreciation on a computer used exclusively for business, costing $7,000, purchased May 2017.   The third year of depreciation on business furniture costing $1,000, purchased in July 2016, using the half-year convention and accelerated depreciation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Calculate the following amounts:

  1. The first year of depreciation on a residential rental building costing $100,000, purchased on November 30.

 


  1. The first year of depreciation on an auto used 100 percent in business, costing $30,000, purchased in May 2018. (No Section 179 or bonus depreciation).

 


  1. The second year of depreciation on a computer used exclusively for business, costing $7,000, purchased May 2017.

 


  1. The third year of depreciation on business furniture costing $1,000, purchased in July 2016, using the half-year convention and accelerated depreciation

 

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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