Jack acquires a new seven-year class asset on september 20


Jack acquires a new seven-year class asset on September 20, 2013, for $80,000. He placed the asset in service on October 5, 2013. He does not elect to expense any of the asset under SS179 or elect straight-line, cost recovery. He takes additional first-year depreciation. He sells the asset on August 25, 2014. This is the only asset he acquires in 2013. Determine Jack's cost recovery in 2013 and 2014.

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Financial Accounting: Jack acquires a new seven-year class asset on september 20
Reference No:- TGS01006339

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