In April 2017, Lenape Corporation acquired new business machinery with a total cost of $775,000. Assuming the

Question:

In April 2017, Lenape Corporation acquired new business machinery with a total cost of $775,000. Assuming the machinery qualifies for both the Section 179 deduction and bonus depreciation, calculate Lenape's total cost recovery on the machinery for 2017.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...