Harrison acquires $65,000 of 5-year property in June 2021 that is required to be depreciated using the mid-quarter convention (because of other purchases that year). He did not apply Sec. 179 immediate expensing or bonus depreciation. If Harrison sells the property on August 23, 2023, what is the amount of depreciation claimed in 2023? A) $6,500. B) $7,313 C) $11,700. D) $9,289.

Harrison acquires $65,000 of 5-year property in June 2021 that is required to be depreciated using the mid-quarter convention (because of other purchases that year). He did not apply Sec. 179 immediate expensing or bonus depreciation. If Harrison sells the property on August 23, 2023, what is the amount of depreciation claimed in 2023? A) $6,500. B) $7,313 C) $11,700. D) $9,289.

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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