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Refer to the facts in Problem 38 and assume the business car purchased is an SUV weighing 8,000 pounds. Compute the largest depreciation deduction possible in 2022 and 2023. (Consider bonus depreciation and the ad Section 179 deduction, if applicable.) to Bisn

Refer to the facts in Problem 38 and assume the business car purchased is an SUV weighing 8,000 pounds. Compute the largest depreciation deduction possible in 2022 and 2023. (Consider bonus depreciation and the ad Section 179 deduction, if applicable.) to Bisn

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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please answer Q 39 . within 30 minutes..

39. Refer to the facts in Problem 38 and assume the business car purchased is an SUV weighing 8,000 pounds. Compute the largest depreciation deduction possible in 2022 and mol 2023. (Consider bonus depreciation and the ad Section 179 deduction, if applicable.) to 38. LB Corporation purchased a business car in June 2022 for $62,000. The car weighs 4,000 o pounds and will be used 100 percent of the time in the business. Compute the largest mois depreciation deduction possible in 2022 and 2023. No other property purchases were made during the year. (Consider bonus depreciation and the Section 179 deduction, if applicable.)
Transcribed Image Text:39. Refer to the facts in Problem 38 and assume the business car purchased is an SUV weighing 8,000 pounds. Compute the largest depreciation deduction possible in 2022 and mol 2023. (Consider bonus depreciation and the ad Section 179 deduction, if applicable.) to 38. LB Corporation purchased a business car in June 2022 for $62,000. The car weighs 4,000 o pounds and will be used 100 percent of the time in the business. Compute the largest mois depreciation deduction possible in 2022 and 2023. No other property purchases were made during the year. (Consider bonus depreciation and the Section 179 deduction, if applicable.)
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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