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Question 31 of 75.

Question 31 of 75.

FINANCIAL ACCOUNTING
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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Question 31 of 75. In 2022, Grant's business use of his vehicle fell to less than 50%. He had originally placed the vehicle in service in 2020, and it was the only asset he placed in service that year. Prior to 2022, Grant used the vehicle more than 85% for business. He had been using the modified accelerated cost recovery system (MACRS) to recover the cost basis of this asset. What method, convention, and recovery period must he use in 2022? 150% declining balance (DB), mid-month convention, alternative depreciation system (ADS) recovery period. 200% declining balance (DB), half-year convention, general depreciation system (GDS) recovery period. Straight-line method (SL), mid-month convention, alternative depreciation system (ADS) recovery period. Straight-line method (SL), half-year convention, alternative depreciation system (ADS) recovery period. Mark for follow up Question 32 of 75.
Transcribed Image Text:Question 31 of 75. In 2022, Grant's business use of his vehicle fell to less than 50%. He had originally placed the vehicle in service in 2020, and it was the only asset he placed in service that year. Prior to 2022, Grant used the vehicle more than 85% for business. He had been using the modified accelerated cost recovery system (MACRS) to recover the cost basis of this asset. What method, convention, and recovery period must he use in 2022? 150% declining balance (DB), mid-month convention, alternative depreciation system (ADS) recovery period. 200% declining balance (DB), half-year convention, general depreciation system (GDS) recovery period. Straight-line method (SL), mid-month convention, alternative depreciation system (ADS) recovery period. Straight-line method (SL), half-year convention, alternative depreciation system (ADS) recovery period. Mark for follow up Question 32 of 75.
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