Question
Problem 8-46 (Algorithmic) (LO. 4) On March 1, 2017, Leo purchased and placed in service a new car that cost $25,700. The business use percentage
Problem 8-46 (Algorithmic) (LO. 4)
On March 1, 2017, Leo purchased and placed in service a new car that cost $25,700. The business use percentage for the car is always 100%. He does take the additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles.
a. What MACRS convention applies to the new car?
b. Is the automobile considered "listed property"?
c. Leo's cost recovery deduction in 2017 is $ and for 2018 is $ .
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Financial Accounting
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
1st Canadian Edition
9780132147538, 132889714, 013214753X , 978-0132889711
