Harrison puts $13,000 of 5-year listed property into service in his business during April. He uses it 30% for his business and 70% for personal purposes. He put no other property into service during the year. How much depreciation can he deduct on this property in the first year assuming he kept the necessary documentation? a) $390 b) $2,600 c) $1,300 d) $3,900 *Please show how to calculate the answer. Thank you!

Harrison puts $13,000 of 5-year listed property into service in his business during April. He uses it 30% for his business and 70% for personal purposes. He put no other property into service during the year. How much depreciation can he deduct on this property in the first year assuming he kept the necessary documentation? a) $390 b) $2,600 c) $1,300 d) $3,900 *Please show how to calculate the answer. Thank you!

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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