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Sairra LLC purchased only one asset during the current year (a full 12-month tax year). On April 16 Sairra placed in service furniture (seven-year property) with a basis of $37,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation). (Use MACRS Table 1.) Note: Round final answer to the nearest whole number. Multiple Choice $2,643 O $5,287 O $6,177 O $7,400 None of the choices are correct.

Sairra LLC purchased only one asset during the current year (a full 12-month tax year). On April 16 Sairra placed in service furniture (seven-year property) with a basis of $37,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation). (Use MACRS Table 1.) Note: Round final answer to the nearest whole number. Multiple Choice $2,643 O $5,287 O $6,177 O $7,400 None of the choices are correct.

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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Sairra LLC purchased only one asset during the current year (a full 12-month tax year). On April 16 Sairra placed in service furniture (seven-year property) with a basis of $37,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation). (Use MACRS Table 1.) Note: Round final answer to the nearest whole number. Multiple Choice $2,643 O $5,287 O $6,177 O $7,400 None of the choices are correct.
Transcribed Image Text:Sairra LLC purchased only one asset during the current year (a full 12-month tax year). On April 16 Sairra placed in service furniture (seven-year property) with a basis of $37,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation). (Use MACRS Table 1.) Note: Round final answer to the nearest whole number. Multiple Choice $2,643 O $5,287 O $6,177 O $7,400 None of the choices are correct.
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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