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elena-14-01-66 [18.8K]
3 years ago
10

Steve Corp bought a $600,000 apartment building in June of 2014. Of the purchase price, $104,950 is allocated to the value of th

e land. What is the maximum amount of depreciation that the company can claim in 2015 (year 2) for the building?
Business
1 answer:
blsea [12.9K]3 years ago
7 0

Answer:

$18,000

Explanation:

According to the Internal revenue service, the useful life of the rental property would be 27.50 years.

The computation of the maximum amount of depreciation is shown below:

= (Purchase cost of building - allocated value of land - salvage value) ÷ useful life

= ($600,000 - $104,950 - $0) ÷ 27.50 years

= $495,050 ÷ 27.50 years

= $18,000

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The price index in the first year is 110, in the second year is 100, and in the third year is 96. The economy experienced
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Answer:

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To calculate the rate of inflation/deflation, we have to divide by the oldest price index.

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Which of the following statements are correct? Variable service department costs are charged to operating divisions based on the
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