eBook Problem 8-33 (LO. 2) Debra acquired and placed in service the following new assets during 2023: Date Asset Cost April 11 Furniture $40,000 July 28 Trucks 40,000 November 3 Computers 70,000 Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation tables to use for this problem. a. What MACRS convention applies to the assets? b. What class of property is each asset for MACRS? Furniture: Trucks: Computers: c. The cost recovery deductions for the current year is: Furniture: Trucks: Computers: Check My Work 1 more Check My Work uses remaining. All work saved.
eBook Problem 8-33 (LO. 2) Debra acquired and placed in service the following new assets during 2023: Date Asset Cost April 11 Furniture $40,000 July 28 Trucks 40,000 November 3 Computers 70,000 Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation tables to use for this problem. a. What MACRS convention applies to the assets? b. What class of property is each asset for MACRS? Furniture: Trucks: Computers: c. The cost recovery deductions for the current year is: Furniture: Trucks: Computers: Check My Work 1 more Check My Work uses remaining. All work saved.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 8-33 (LO. 2)
Debra acquired and placed in service the following new assets during 2023:
Date
Asset
Cost
April 11
Furniture
$40,000
July 28
Trucks
40,000
November 3
Computers
70,000
Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation.
If required, round your answers to the nearest dollar.
Click here to access the depreciation tables to use for this problem.
a. What MACRS convention applies to the assets?
b. What class of property is each asset for MACRS?
Furniture:
Trucks:
Computers:
c. The cost recovery deductions for the current year is:
Furniture:
Trucks:
Computers:
Check My Work 1 more Check My Work uses remaining.
All work saved.
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