Cost Recovery Assignment | Top Universities
February 21st, 2020
At the beginning of the year, Dee began a calendar-year business and placed in service the following assets during the year:
| Date | Cost | ||
| Asset | Acquired | Basis | |
| Computer equipment | 3/23 | $ | 42,500 |
| Furniture | 5/12 | $ | 44,500 |
| Pickup truck | 9/15 | $ | 47,500 |
| Commercial building | 10/11 | $ | 320,000 |
Assuming Dee does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your answers to the nearest whole dollar amount.)
a. What is Dee’s year 1 cost recovery for each asset?
b. What is Dee’s year 2 cost recovery for each asset? Get Accounting Homework Help Today.
