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Tomtit [17]
3 years ago
12

Grape Corporation purchased a machine in December of the current year. This was the only asset purchased during the current year

. The machine was placed in service in January of the following year. No assets were purchased in the following year. Grape Corporation's cost recovery would begin:
a. In the current year using a mid-quarter convention.
b. In the current year using a half-year convention.
c. In the following year using a mid-quarter convention.
d. In the following year using a half-year convention.
e. None of the above
Business
1 answer:
Elden [556K]3 years ago
6 0

Answer:

d. In the following year using a half-year convention

Explanation:

Since the mechine will only be in service in January of the following year, The corporation cost recovery should begin in the following year using a half year convention.

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