Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Asset Date Acquired 1/30 2/15 7/25 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? $ $ $ $ $ Year 1 Cost Recovery Computers Office desks Machinery Office building Total 34,459 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost Basis $ 47,500 $ 51,500 $ 94,500 $ 426,000 9,500 7,359 13,504 4,096 X

Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers Office desks Machinery Office building Asset Date Acquired 1/30 2/15 7/25 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? $ $ $ $ $ Year 1 Cost Recovery Computers Office desks Machinery Office building Total 34,459 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost Basis $ 47,500 $ 51,500 $ 94,500 $ 426,000 9,500 7,359 13,504 4,096 X

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Description: Required information[The following information applies to the questions displayed below.]At the beginning of the year, Anna began a calendar-year business andplaced in service the following assets during the year:ComputersOffice desksAssetMachineryO

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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Subject: accounting
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Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery office building Asset Asset Date Acquired 1/30 2/15 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Machinery Office building Total 7/25 8/13 Answer is complete but not entirely correct. Year 1 Cost Recovery $ $ $ $ $ Cost Basis. $ 37,000 $ 41,000 $ 84,000 $ 412,000 7,400 5,859 12,004 3,963 29,226
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