Question
Depreciation: Calculate the amount of depreciation on the below assets. You do not need to complete Form 4562. Assume Julie took 50% bonus depreciation on
- Depreciation: Calculate the amount of depreciation on the below assets. You do not need to complete Form 4562. Assume Julie took 50% bonus depreciation on the tangible personal property in the year she placed the asset into service. Also, recall that you must adjust the full year depreciation rate when an asset is sold during the year.
| Description | Life | Cost Basis | Purchase Date | Sale Date | Convention |
| Computer | 5 | 3,000 | January 2015 | N/A | Half-year |
| Furniture | 7 | 5,000 | December 2016 | N/A | Mid-quarter |
| Office Building | 39 | 120,000 | September 2013 | July 2019 | Mid-month |
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
