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 Office building Machinery Date Acquired Cost Basis 1/30 $ 32,500 2/15 $ 36,500 7/25 $ 79,500 8/13 $ 406,000 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 Asset Office desks Machinery Office building Total Year 1 Cost Recovery $ 0
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 Office building Machinery Date Acquired Cost Basis 1/30 $ 32,500 2/15 $ 36,500 7/25 $ 79,500 8/13 $ 406,000 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 Asset Office desks Machinery Office building Total Year 1 Cost Recovery $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:
Asset
Computers
Office desks
Office building
Machinery
Date Acquired
Cost Basis
1/30
$ 32,500
2/15
$ 36,500
7/25
$ 79,500
8/13
$ 406,000
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
Asset
Office desks
Machinery
Office building
Total
Year 1
Cost Recovery
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F32973613-eba3-44fb-9613-24c76949a18d%2F8991abdb-9d64-4989-8401-bf0bcb8f976d%2F1ds77hk_processed.png&w=3840&q=75)
Transcribed Image Text: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
Office building
Machinery
Date Acquired
Cost Basis
1/30
$ 32,500
2/15
$ 36,500
7/25
$ 79,500
8/13
$ 406,000
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
Asset
Office desks
Machinery
Office building
Total
Year 1
Cost Recovery
$
0
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