Hamlet acquires a 7-year class asset on November 23, 2019, for $264,600 (the only asset acquired during the year). Hamle...
Hamlet acquires a 7-year class asset on November 23, 2019, for $264,600 (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.
Use the Depreciation Table for this Problem.
If required, round your answers to the nearest dollar.
Calculate Hamlet's cost recovery deduction for 2019 and
2020.
2019: $
2020: $
Homework Answers
Ans: Depreciation for 2019 i.e. first year= $264,600*3.57% (depreciation- cost of asset* depreciation for the eyar)
=$9446.22
Depreciation for 2020 i,e. second year= $264,600* 27.55%
=$72,897
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