Question
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year:
| Asset | Date Acquired | Cost Basis |
|---|---|---|
| Computers | 1/30 | $ 28,000 |
| Office desks | 2/15 | $ 32,000 |
| Machinery | 7/25 | $ 75,000 |
| Office building | 8/13 | $ 400,000 |
Assuming Anna does not elect 179 expensing and elects not to use bonus depreciation, answer the following questions
What is Anna's year 2 cost recovery for each asset?
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
18th edition
538479736, 978-1111534783, 1111534780, 978-0538479738
