in November 4, 2019, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2019 nd 2020, respectively, Blue deducted $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the wrong ercentages (i.c., those for 39-year rather than 27.5 year assets). Blue should have taken $910 and $7,272 cost recovery in 2019 and 020, respectively. On January 1, 2021, the asset was sold for $180,000. I required, round all computations to the nearest dollar. lick here to access the depreciation tables in the textbook. The adjusted basis of the asset at the end of 2020 is $ The cost recovery deduction for 2021 is s -The loss ✓on the sale of the asset in 2021 is s

in November 4, 2019, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2019 nd 2020, respectively, Blue deducted $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the wrong ercentages (i.c., those for 39-year rather than 27.5 year assets). Blue should have taken $910 and $7,272 cost recovery in 2019 and 020, respectively. On January 1, 2021, the asset was sold for $180,000. I required, round all computations to the nearest dollar. lick here to access the depreciation tables in the textbook. The adjusted basis of the asset at the end of 2020 is $ The cost recovery deduction for 2021 is s -The loss ✓on the sale of the asset in 2021 is s

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 31P

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