Question
DLW Corporation acquired and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computer equipment 2/23 $ 13,500 Furniture 6/20
DLW Corporation acquired and placed in service the following assets during the year:
| Date | Cost | ||
| Asset | Acquired | Basis | |
| Computer equipment | 2/23 | $ | 13,500 |
| Furniture | 6/20 | 24,600 | |
| Commercial building | 8/10 | 335,000 | |
|
| |||
Assuming DLW does not elect 179 expensing or bonus depreciation, answer the following questions: (Use MACRS)
a. What is DLW's year 1 cost recovery for each asset?
b. What is DLW's year 3 cost recovery for each asset if DLW sells all of these assets on 5/4 of year 3?
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Inside Accounting The Sociology Of Financial Reporting And Auditing
Authors: David Leung
1st Edition
1138251178, 9781138251175
