Question

Juan acquires a new 5-year class asset on March 14, 2018, for $200,000. This is the...

Juan acquires a new 5-year class asset on March 14, 2018, for $200,000. This is the only asset Juan acquired during the year. He does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. On July 15, 2019, Juan sells the asset.

Click here to access depreciation table to use for this problem.

a. Juan's cost recovery for 2018 is $________.

b. Juan's cost recovery for 2019 is $________.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Euclid acquires a 7-year class asset on May 9, 2018, for $162,400. Euclid does not elect...
Euclid acquires a 7-year class asset on May 9, 2018, for $162,400. Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Euclid's cost recovery deduction is $____________ for 2018 and $_____________ for 2019.
Diana acquires, for $82,400, and places in service a 5-year class asset on December 19, 2018....
Diana acquires, for $82,400, and places in service a 5-year class asset on December 19, 2018. It is the only asset that Diana acquires during 2018. Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Diana's total cost recovery deduction for the asset is $______ for 2018.
Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for...
Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for $162,400 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021. 2020: $fill in the blank 1 2021: $fill...
Exercise 8-20 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2020, for...
Exercise 8-20 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2020, for $491,400 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
On June 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset...
On June 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset costing $560,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2019, his business generated a net income of $945,780 before any $179 immediate expense election. Rather than using bonus depreciation, Javier would like to use $179 to expense $200,000 of this asset and then use regular MACRS to cost recover the remaining cost. If...
Problem 8-33 (LO. 2) Orange Corporation acquired new office furniture on August 15, 2018, for $130,000....
Problem 8-33 (LO. 2) Orange Corporation acquired new office furniture on August 15, 2018, for $130,000. Orange does not elect immediate expensing under § 179. Orange claims any available additional first-year depreciation. If required, round your answer to the nearest dollar. Click here to access Exhibit 8.1 and the depreciation tables in the textbook. a. Determine Orange's cost recovery for 2018. The office furniture is classified as Seven-year class of property for MACRS. If bonus depreciation is elected, Orange's deduction...
Debra acquired the following new assets during 2019. Date Asset Cost April 11 July 28 November...
Debra acquired the following new assets during 2019. Date Asset Cost April 11 July 28 November 3 Furniture Trucks Computers $40,000 40,000 70,000 Determine Debra’s cost recovery deductions for the current year. Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation.
Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of...
Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2018, at a cost of $13,000. Bonnie did not elect to expense either of the assets under § 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2018 for these assets. a. $7,858 b. $9,586 c. $21,915 d. $43,000 e. None...
Debra acquired the following new assets during 2019: Date Asset Cost April 11 Furniture $40,000 July...
Debra acquired the following new assets during 2019: Date Asset Cost April 11 Furniture $40,000 July 28 Trucks 40,000 November 3 Computers 70,000 Determine Debra’s cost recovery deductions for the current year. Debra does not elect immediate expensing under § 179. She does not
Debra acquired the following new assets during 2018: Date Asset Cost April 11 Furniture $40,000 July...
Debra acquired the following new assets during 2018: Date Asset Cost April 11 Furniture $40,000 July 28 Trucks 40,000 November 3 Computers 70,000 Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. a. What MACRS convention applies to the assets? Mid-quarte b. What class of property is each asset for MACRS? Furniture: Seven-year Trucks: Five-year Computers: Five-year c. The cost recovery deductions...