Question
Calculate the following amounts: 1. The first year of depreciation on a residential rental building costing $100,000, purchased on November 1, 2020. 2. The half
Calculate the following amounts: 1. The first year of depreciation on a residential rental building costing $100,000, purchased on November 1, 2020. 2. The half year of depreciation on an auto used 100% in business, costing $30,000, purchased July 1, 2020. (No Section 179 or bonus depreciation). 3. The second year of depreciation on a computer used exclusively for business, costing $7,000, purchased in 2019. 4. The third year of depreciation on business furniture costing $1,000, purchased in July 2018, using the half-year convention and accelerated depreciation.
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