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Hi can i get help with this please? At the beginning of the year, Anna began a calendar-year business and placed in service the following
Hi can i get help with this please?
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Computers office desks Machinery Date Acquired 1/30 2/15 Cost Basis $ 43,000 $ 47,000 $ 90,000 7/25 office building. 8/13 $ 420,000 Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar argount.) Problem 10-48 Part a (Algo) a. What is Anna's year 1 cost recovery for each asset? Year 1 Asset Cost Recovery Computers Office desks Machinery Office building $ Total Next Atta 0 10 of 29 BE BE 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 1/30 Computers Office desks. Machinery 2/15 Cost Basis $ 43,000 $ 47,000. $ 90,000 7/25 Office building 8/13 $ 420,000 Assuming Anna does not elect 179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Problem 10-48 Part b (Algo) b. What is Anna's year 2 cost recovery for each asset?. Year 2 Cost Recovery Asset Computers Office desks Machinery Office building Total Next > Prev 3 10 of 29 On January 16 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,346,000; $386,000 was allocated to the basis of the land and the remaining $960,000 was allocated to the basis of the building. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Problem 10-51 Part a (Algo) a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Depreciation Expense Year 1 Year 2 Year 3 Next > Step by Step Solution
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