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Question 2 Not yet Compute MACRS depreciation for the following qualified assets for the calendar years 2020 and 2021: (Ignore bonus depreciation and Section 179 deduction.) [Refer to Ch. 6 Table 7 in the textbook for the depreciation rate] answered Points out of 1.00 Asset Year purchased Cost Salvage value Flag question Business equipment (7-year property) March 2020 $88100 $10,000 Car May 2020 14000 1,000 Office furniture (7-year property) July 2020 20200 3,000 Building (Office) January 2020 210000 5,000 What is the 2020 depreciation expense for the business equipment? [For your answer, please use whole number and ignore the dollar sign and the comma.] Applicable Convention: Half-year and the Recovery Period is: 3-year 5-year 7-year 10-year If the Recovery Year is: the Depreciation Rate is: 1 33.33 20.00 14.29 10.00 2 44.45 32.00 24.49 18.00 3 14.81 19.20 17.49 14.40 7.41 11.52 12.49 11.52 Answer: 21001 Question 2 Not yet Compute MACRS depreciation for the following qualified assets for the calendar years 2020 and 2021: (Ignore bonus depreciation and Section 179 deduction.) [Refer to Ch. 6 Table 7 in the textbook for the depreciation rate] answered Points out of 1.00 Asset Year purchased Cost Salvage value Flag question Business equipment (7-year property) March 2020 $88100 $10,000 Car May 2020 14000 1,000 Office furniture (7-year property) July 2020 20200 3,000 Building (Office) January 2020 210000 5,000 What is the 2020 depreciation expense for the business equipment? [For your answer, please use whole number and ignore the dollar sign and the comma.] Applicable Convention: Half-year and the Recovery Period is: 3-year 5-year 7-year 10-year If the Recovery Year is: the Depreciation Rate is: 1 33.33 20.00 14.29 10.00 2 44.45 32.00 24.49 18.00 3 14.81 19.20 17.49 14.40 7.41 11.52 12.49 11.52 Answer: 21001

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