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Exercise 8-20 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2020,...

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Accounting

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Exercise 8-20 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2020, for $105,000 (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 for 2020 and 2021. 2020: $ 2021: Exercise 8-19 (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for $80,000 (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: $ 2021

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