Chandler acquired the following new assets during 2019: Date Asset Cost February 1 Agricultural machinery and equipment $75,000 September 3 Calculators 18,000 December 1 Trucks (not subject to any depreciation limitation) 95,000 Chandler does not elect immediate expensing under 179 but takes the additional first-year depreciation for the agricultural machinery and equipment and calculators. Click here to access the depreciation table to use for this problem. a. What MACRS convention applies to the assets? Mid-quarter b. What class of property is each asset for MACRS? Agricultural machinery - seven years, calculators - five years, Trucks - five years c. The cost recovery for the current year is: Agricultural machinery and equipment: 18,750 X Calculators: $ 2,700 X Trucks: 4,750