Essay
Calculate the following amounts:
a. The first year of depreciation on a residential rental building costing $100,000, purchased on November 30.
b. The first year of depreciation on an auto used 100 percent in business, costing $30,000, purchased in May 2019. (No Section 179 or bonus depreciation).
c. The second year of depreciation on a computer used exclusively for business, costing $7,000, purchased May 2018.
d. The third year of depreciation on business furniture costing $1,000, purchased in July 2017, using the half-year convention and accelerated depreciation.
Correct Answer:

Verified
a. $455 = 0.455% × $100,000
b....View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
b....
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q31: Depreciation is the process of allocating the
Q32: Acquired goodwill is considered to be a
Q33: Depreciation on property in the five-year MACRS
Q34: The office building Donna owned and
Q35: Residential real estate is currently assigned a
Q37: If actual business use of an automobile
Q38: Which of the following assets is not
Q39: Joseph exchanged land (tax basis of $34,000),
Q40: Perry acquired raw land as an investment
Q41: Steve Corp bought a $600,000 apartment building