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Euclid acquires a 7-year class asset on May 9, 2022, for $270,500 (the only asset...

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Accounting

Euclid acquires a 7-year class asset on May 9, 2022, for $270,500 (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 2022 and 2023. 2022: $fill in the blank 1 2023: $fill in the blank 2

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