Question
In April 2017, Lucy acquired and placed into service new business equipment costing $900,000. The equipment is classified as 7-year recovery property. No other acquisitions
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In April 2017, Lucy acquired and placed into service new business equipment costing $900,000. The equipment is classified as 7-year recovery property. No other acquisitions are made during the year. Assume that Lucy would claim the maximum depreciation allowed under Sec. 179 and bonus depreciation rules. Compute depreciation rounded to the nearest dollar. Use a comma in the numbers.
1. Lucy's total depreciation deduction for 2017 is 2. Lucy's total depreciation deduction for 2018 is
In April 2017, Lucy acquired and placed into service new business equipment costing $900,000. The equipment is classified as 7-year recovery property. No other acquisitions are made during the year. Assume that Lucy would claim the maximum depreciation allowed under Sec. 179 and bonus depreciation rules. Compute depreciation rounded to the nearest dollar. Use a comma in the numbers.
1. Lucy's total depreciation deduction for 2017 is 2. Lucy's total depreciation deduction for 2018 is
In January 2019, Lucy acquired and placed into service new business equipment costing $700,000. The equipment is classified as 7-year recovery property. No other acquisitions are made during the year. Assume that Lucy would claim the maximum depreciation allowed under Sec. 179 and bonus depreciation rules. Compute depreciation rounded to the nearest dollar.
1. Lucy's total depreciation deduction for 2019 is . 2. Lucy's total depreciation deduction for 2020 is
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
9781259722660
