Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for...

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Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for $251,700 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021. 2020: $ X 2021: $ Exhibit 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 3-Year 5-Year (200% DB) (200% DB) Recovery Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 33.33 44.45 14.81* 7.41 20.00 32.00 19.20 11.52* 11.52 5.76 *Switchover to straight-line depreciation. 7-Year (200% DB) 14.29 24.49 17.49 12.49 8.93* 8.92 8.93 4.46 10-Year (200% DB) 10.00 18.00 14.40 11.52 9.22 7.37 6.55* 6.55 6.56 6.55 3.28 15-Year (150% DB) 5.00 9.50 8.55 7.70 6.93 6.23 5.90* 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 20-Year (150% DB) 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462* 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for $251,700 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021. 2020: $ X 2021: $ Exhibit 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 3-Year 5-Year (200% DB) (200% DB) Recovery Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 33.33 44.45 14.81* 7.41 20.00 32.00 19.20 11.52* 11.52 5.76 *Switchover to straight-line depreciation. 7-Year (200% DB) 14.29 24.49 17.49 12.49 8.93* 8.92 8.93 4.46 10-Year (200% DB) 10.00 18.00 14.40 11.52 9.22 7.37 6.55* 6.55 6.56 6.55 3.28 15-Year (150% DB) 5.00 9.50 8.55 7.70 6.93 6.23 5.90* 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 20-Year (150% DB) 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462* 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231

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To calculate Euclids cost recovery deduction for 2020 and 2021 we can use the Modified Accelerated C... View the full answer