Exercise 8-23 (Algorithmic) (LO. 2, 3) Diana acquires, for $195,200, and places in service a 5-year class asset on December 19, 2020. It is the only asset that Diana acquires during 2020. Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Click here to access the depreciation table to use for this problem. Calculate Diana's total cost recovery deduction for 2020.
Exercise 8-23 (Algorithmic) (LO. 2, 3) Diana acquires, for $195,200, and places in service a 5-year class asset on December 19, 2020. It is the only asset that Diana acquires during 2020. Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Click here to access the depreciation table to use for this problem. Calculate Diana's total cost recovery deduction for 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 8-23 (Algorithmic) (LO. 2, 3)
Diana acquires, for $195,200, and places in service a
5-year class asset on December 19, 2020. It is the
only asset that Diana acquires during 2020. Diana
does not elect immediate expensing under § 179. She
elects additional first-year deprecation.
Click here to access the depreciation table to use
for this problem.
Calculate Diana's total cost recovery deduction for
2020.
%24
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