Orange Corporation acquired and placed in service new office furniture on August 15, 2023, for $130,000. Orange does not elect immediate expensing under § 179. Orange claims any available additional first-year depreciation. If required, round your answer to the nearest dollar. Click here to access Exhibit 8.1 and the depreciation tables in the textbook. a. Determine Orange's cost recovery for 2023. The office furniture is classified as seven-year If bonus depreciation is elected, Orange's deduction is $ ✓ class of property for MACRS. 130,000 X. b. Determine Orange's cost recovery for 2023 if Orange decided to only use $52,000 of immediate expensing and normal MACRS on the balance of the acquisition cost. 63,146 ✓
Orange Corporation acquired and placed in service new office furniture on August 15, 2023, for $130,000. Orange does not elect immediate expensing under § 179. Orange claims any available additional first-year depreciation. If required, round your answer to the nearest dollar. Click here to access Exhibit 8.1 and the depreciation tables in the textbook. a. Determine Orange's cost recovery for 2023. The office furniture is classified as seven-year If bonus depreciation is elected, Orange's deduction is $ ✓ class of property for MACRS. 130,000 X. b. Determine Orange's cost recovery for 2023 if Orange decided to only use $52,000 of immediate expensing and normal MACRS on the balance of the acquisition cost. 63,146 ✓
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Orange Corporation acquired and placed in service new office furniture on August 15, 2023, for $130,000. Orange does not elect immediate
expensing under § 179. Orange claims any available additional first-year depreciation.
If required, round your answer to the nearest dollar.
Click here to access Exhibit 8.1 and the depreciation tables in the textbook.
a. Determine Orange's cost recovery for 2023.
The office furniture is classified as seven-year
If bonus depreciation is elected, Orange's deduction is $
class of property for MACRS.
130,000 X.
b. Determine Orange's cost recovery for 2023 if Orange decided to only use $52,000 of immediate expensing and normal MACRS on the
balance of the acquisition cost.
63,146 ✔
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