Question: At the beginning of 2017, Joshua began a calendar year-end business and placed in service the
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Question:
Question:
At the beginning of 2017, Joshua began a calendar year-end business and placed in service the following assets during the year. He does not use section 179 or first year (bonus) depreciation Compute the cost recovery (Depreciation) for the first 2 years of service
Year 1 | Year 2 | |||
---|---|---|---|---|
Computr equipment | 2/01/17 | $100000 | ||
office furniture | 6/30/17 | $170000 | ||
Truck (not listed property) | 9/30/17 | $40000 | ||
Commercial property | 10/11/17 | $200000 | ||
Residential rental property | 4/1/17 | $300000 |
Show your computations.IMPORTANT
2. On April 11, 2017, Orange Corporation purchased and placed in service- seven-year class assets to $540,000 and five years class assets costing $140,000. Orange does not use Section 179 Deprecia Orange does take additional first-year depreciation (bonus). Assume taxable income is not a limit to Determine Orange Corporation's 2016 cost recovery. (show work)
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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