Question

Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2017, Leo purchased and placed in service a new car that cost $20,500. The business use percentage for the car is always 100%. He does take the additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. 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

Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2017, Leo purchased and placed in service a new car that cost $20,500. The business use percentage for the car is always 100%. He does take the additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles a. What MACRS convention applies to the new car? Half-year V b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2017 is 11,160 V and for 2018 is 5,100 X . Feedback Check My Work Assets used in a trade or business or for the production of income are eligible for cost recovery if they are subject to wear and tear, decay or decline from natural causes, or obsolescence.

NEED THIS ONE c. Leo's cost recovery deduction in 2017 is $ 11,160 and for 2018 is ($ 5,100 wrong answer.)

Answer 1

Explanation for worng answer:

You need to round off your answer to the nearest dollor.

Answer would be 5084.69 which is rounded off to nearest dollar. And the final answer is 5085.