During 2017, Palo Fiero purchases the following property for use in his calendar year-end manufacturing...
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Accounting
During 2017, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:
Manufacturing Equipment (7 year) June 2 $38,000
Office furniture September 15 5,400
Office computer November 18 3,800
Passenger automobile (used 90% for business) May 31 35,600
Warehouse April 23
- Building 170,000
- Land 135,000
Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciaiton. Use Form 4562 to report Palo's Depreciation expense for 2017.
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