Problem 8-42 (LO. 4) On June 5, 2019, Leo purchased and placed in service a...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Problem 8-42 (LO. 4)
On June 5, 2019, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation or any 179.
If required, round your answers to the nearest dollar.
Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles.
a. What MACRS convention applies to the new car? Half-year
b. Is the automobile considered "listed property"? Yes
c. Leo's cost recovery deduction in 2019 is $ and for 2020 is $.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.