Ginger acquired and placed in service $1,165,000 of equipment on August 1, 2022 for use in her sole proprietorship. The equipment is 5-year recovery property. No other acquisitions are made during the year. Ginger elects to expense the maximum amount under Sec. 179, and bonus depreciation is not applied. Business income before any cost recovery was $850,000. Ginger's total deductions for 2022 (including Sec 179 and depreciation) are OA) $913,000 O B) $1,165,000 C) $1,080,000 OD) $850,000.

Ginger acquired and placed in service $1,165,000 of equipment on August 1, 2022 for use in her sole proprietorship. The equipment is 5-year recovery property. No other acquisitions are made during the year. Ginger elects to expense the maximum amount under Sec. 179, and bonus depreciation is not applied. Business income before any cost recovery was $850,000. Ginger's total deductions for 2022 (including Sec 179 and depreciation) are OA) $913,000 O B) $1,165,000 C) $1,080,000 OD) $850,000.

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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