Michael is the sole proprietor of a small business. In June 2020, his business income is $8,300 before consideration of any $179 deduction. He spends $215,500 on furniture and equipment in 2020. If Michael elects to take the S179 deduction and no bonus on a conference table that cost $21,700 (included in the $215,500 total). (Use Table GA-1 and Table 6A-2) Required: Determine the maximum cost recovery for 2020 with respect to the conference table: (Round your intermediate calculations to the nearest whole dollar amount.)

Michael is the sole proprietor of a small business. In June 2020, his business income is $8,300 before consideration of any $179 deduction. He spends $215,500 on furniture and equipment in 2020. If Michael elects to take the S179 deduction and no bonus on a conference table that cost $21,700 (included in the $215,500 total). (Use Table GA-1 and Table 6A-2) Required: Determine the maximum cost recovery for 2020 with respect to the conference table: (Round your intermediate calculations to the nearest whole dollar amount.)

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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1. PLEASE SHOW ALL WORK SO I CAN FOLLOW ALONG! THANK YOU SO MUCH! 56,000 IS NOT THE ANSWER. I REPEAT 56,000 IS NOT THE ANSWER. I HAVE SEEN THIS ANSWER BEFORE. PLEASE DO NOT GIVE ME 56,000 BECAUSE IT IS NOT CORRECT.
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