Assuming the same facts in question DEP 1, assume that Turtle also purchased the following personal property items in 2020: 7 year class assets of $300,000 in May 2020 and 5 year class assets of $400,000 in November 2020. Assuming that Pelican elects not to take any Section 179 nor any bonus depreciation in 2020 what is the allowable depreciation on the 5 year class assets and 7 year class assets in 2020?

A. $42,857 on the five year assets and $80,000 on the seven year assets

B. $80,000 depreciation on five year assets and $42,857 on seven year assets

C. $53,550 on the five year assets and $20,000 on the seven year assets.

D. $20,000 on the five year assets and $53,550 on the seven year assets

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Answer b 80000 d... View the full answer