Identify the depreciable asset in his business, Accounting Basics

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Identify the depreciable asset in his business

Question: Leon has the following depreciable asset in his business: Office furniture (7-year) purchased 4/2/2021 - Original cost $20,000, HY convention. Leon elected NOT to take any sec. 179 or bonus depreciation and elected MACRS DDB on these assets when he originally placed them in service. What is Leon's total cost recovery (depreciation) deduction for these assets in 2023. Group of answer choices $5,716 $3,840 $3,498 $4,280 $8,149

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Accounting Basics: Identify the depreciable asset in his business

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Accounting Basics: Identify the depreciable asset in his business

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