{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T01:08:06-04:00", "answer_date": "2024-05-27 01:08:06", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1769610", "url": "\/study-help\/questions\/on-july-1-2017-brent-purchases-a-new-automobile-for-1769610", "question_creation_date_js": "2024-05-27T01:08:06-04:00", "question_creation_date": "May 27, 2024 01:08 AM", "meta_title": "[Solved] On July 1, 2017, Brent purchases a new au | SolutionInn", "meta_description": "Answer of - On July 1, 2017, Brent purchases a new automobile for $52,000. He uses the car 92% for business and drives the car as | SolutionInn", "meta_keywords": "july,1,2017,brent,purchases,new,automobile,$52,000,car,92%,business,drives", "question_title_h1": " On July 1, 2017, Brent purchases a new automobile for $52,000. He uses the car 92% for business and drives the car as follows:", "question_title": " On July 1, 2017, Brent purchases a new automobile for $52,000.", "question_title_for_js_snippet": "On July 1, 2017, Brent purchases a new automobile for $52,000 He uses the car 92 for business and drives the car as follows 9,000 miles in 2017, 22,500 miles in 2018, 25,200 miles in 2019, and 18,000 miles in 2020 Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions If required, round your computations to the nearest dollar a Brent uses the automatic mileage method Compute his basis adjustments for depreciation for each year Click here to access the basis adjustment table 2017 2018 $ 2019 2020 Brent's adjusted basis in the auto on January 1, 2021, is s b Brent uses the actual cost method Assume that no 179 expensing is claimed and that 200 declining balance cost recovery with the half year convention is used The recovery limitation for an auto placed in service in 2017 is as follows $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year) Compute his depreciation deductions for year Click here to access the depreciation table", "question_description": "\"image\"image", "transcribed_text": "On July 1, 2017, Brent purchases a new automobile for $52,000. He uses the car 92% for business and drives the car as follows: 9,000 miles in 2017, 22,500 miles in 2018, 25,200 miles in 2019, and 18,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: 2018: $ 2019: 2020: Brent's adjusted basis in the auto on January 1, 2021, is s b. Brent uses the actual cost method. [Assume that no 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2017 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his depreciation deductions for year. Click here to access the depreciation table", "related_book": { "title": "Intermediate Accounting", "isbn": "324300980, 978-0324300987", "edition": "10th Edition", "authors": "Loren A Nikolai, D. Bazley and Jefferson P. Jones", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/120.jpg", "uri": "\/textbooks\/intermediate-accounting-10th-edition-120", "see_more_uri": "" }, "free_related_book": { "isbn": "0367782251", "uri": "\/textbooks\/fermented-foods-part-ii-technological-interventions-1st-edition-9780367782252-141642", "name": "Fermented Foods Part II Technological Interventions", "edition": "1st Edition" }, "question_posted": "2024-05-27 01:08:06", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/starting-out-with-python-\/write-python-code-that-prompts-the-user-to-enter-his-1144966", "description": "Write Python code that prompts the user to enter his or her age and assigns the users input to an integer variable named age.", "stars": 3 }, { "url": "\/distinguish-between-activities-and-cost-objects-in-activitybased-costing", "description": "Distinguish between activities and cost objects in activity-based costing.", "stars": 3 }, { "url": "\/study-help\/strategic-management-technological-innovation\/strategic-choices-on-the-future-direction-of-organizations-1847205", "description": "=+strategic choices on the future direction of organizations.", "stars": 3 }, { "url": "\/study-help\/essentials-of-understanding-behavior\/what-advantages-might-there-be-in-using-multiple-perspectives-to-1980478", "description": "What advantages might there be in using multiple perspectives to address Coles case?", "stars": 3 }, { "url": "\/kruger-associates-is-considering-a-substantial-investment-in-the-stock", "description": "Kruger Associates is considering a substantial investment in the stock of McIntyre Enterprises. 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