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Please solve this asap and give a detailed explanation Corey purchased two assets during the...

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Accounting

Please solve this asap and give a detailed explanation

Corey purchased two assets during the current year. On May 12th Corey placed in service computer equipment (five-year property) with a basis of $25,000 and on August 19th he placed in service furniture (seven-year property) with a basis of $40,000. Calculate the maximum depreciation deduction (ignoring 179 and bonus depreciation). (Use MACRS Table 1.)

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