Problem 8-36 (a) (LO. 2) Need Help on "C"

Chandler acquired the following new assets during 2019: Date Asset Cost

February 1 Agricultural machinery and equipment $75,000

September 3 Calculators 18,000

December 1 Trucks (not subject to any depreciation limitation) 95,000

Chandler does not elect immediate expensing under 179 but takes the additional first-year depreciation for the agricultural machinery and equipment and calculators.

a. What MACRS convention applies to the assets? Mid-quarter

b. What class of property is each asset for MACRS? Agricultural machinery - seven years, calculators - five years, Trucks - five years

c. The cost recovery for the current year is: Agricultural machinery and equipment: $________

Calculators: $ ______

Trucks: $_______