Problem 8-9 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS), Listed Property (LO 8.2, 8.4) On February 2, 2021, Alexandra purchases a personal computer. The computer cost $6,440. Alexandra uses the computer 85 percent of the time in her accountia business, and the remaining 15 percent of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2021 for the computer, assuming half-year convention and she does not make the election to expense or take bonus depreciation. Click here to access the depreciation table. If required, round your answer to nearest dollar.

Problem 8-9 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS), Listed Property (LO 8.2, 8.4) On February 2, 2021, Alexandra purchases a personal computer. The computer cost $6,440. Alexandra uses the computer 85 percent of the time in her accountia business, and the remaining 15 percent of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2021 for the computer, assuming half-year convention and she does not make the election to expense or take bonus depreciation. Click here to access the depreciation table. If required, round your answer to nearest dollar.

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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This module is not for sale and is exclusive for LNU BSEN Students only 18 Exercise 2,2: Show the effect of each of the named transactions on the assets, liabilities, and owner's equity of a business. Fill in each blank under a column and mark with + (Increase), - (decrease), or 0 (no change). OWNER'S EQUITY ASSETS LIABILITIES 1. Owner invested cash in the business. 2. Purchased equipment on Credit. 3. Borrowed money from the bank 4. Rendered service in cash. 5. Paid creditor (Transaction 2). 6. Paid monthly rent. 7. Rendered service to customer who will pay at later date Exercise 2.3: Harry Potter Feedmill is owned by Harry Potter. Its assets, liabilities and owner's equity are as follows: Cash, Accounts receivable, equipment, Land, Accounts Payable, and Harry Potter Capital. Prepare a tabular form and indicate the effect of the following transactions to the items on the equation by placing + (increase) or - (decrease) below the affected item. 1. Owner invested cash in the feedmill.…
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