Required information (The following information applies to the questions displayed below.) Lina purchased a new car for use in her business during 2020. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including 5179 expense unless stated otherwise) for the automobile in 2020 and 2021 (Lina doesn't want to take bonus depreciation for 2020 or 2021) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) . The vehicle cost $80,000, and it is an SUV that weighs 6,500 pounds. Business use was 100 percent. Depreciation deduction Year 2020 2021

Required information (The following information applies to the questions displayed below.) Lina purchased a new car for use in her business during 2020. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including 5179 expense unless stated otherwise) for the automobile in 2020 and 2021 (Lina doesn't want to take bonus depreciation for 2020 or 2021) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1. Table 2, and Exhibit 10-10.) . The vehicle cost $80,000, and it is an SUV that weighs 6,500 pounds. Business use was 100 percent. Depreciation deduction Year 2020 2021

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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