Debra acquired the following new assets during 2019 April 11 - Furniture - $140,000 July 28...
Debra acquired the following new assets during 2019
April 11 - Furniture - $140,000
July 28 - Trucks - $240,000
November 3 - Computers - $170,000
Debra does not elect immediate expensing under §179. She does not claim any available addition first-year depreciation. What is her total cost recovery for 2019?
Homework Answers
Solution: Debra total cost recovery for 2019 is $102,006
Calculation of total cost recovery as per mid year convention
| Acquired Date | Assets | Asset Class | Cost | Rate | Cost recovery |
| Apr.11 | Furniture | 7 Years | $ 140,000.00 | 14.29% | $ 20,006.00 |
| Jul. 28 | Trucks | 5 Years | $ 240,000.00 | 20% | $ 48,000.00 |
| Nov. 3 | Computers | 5 Years | $ 170,000.00 | 20% | $ 34,000.00 |
| Total | $ 102,006.00 |
Note:
1) Here we used mid year convention because most of the assets purchased during the year rather than first day of the year.
Nope we use the mid-quarter since the computer is purchased in the last 3 months
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