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Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $281,400 (the only asset a

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Answer #1

Answer:

2019
Depreciation rate for 7 year class property for first year using MCRS tables is 3.57%
So,
Hamlet cost recovery deduction = $281400 x 3.57%
=$10,045.98

2020
Depreciation rate for 7 year class property for first year using MCRS tables is 27.55%
So,
Hamlet cost recovery deduction = $281400 x 27.55%
= 77,525.7
=$77,526 (round off)

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