James Inc. purchased the following assets in February 2022 for a total price of $2,900,000....
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James Inc. purchased the following assets in February 2022 for a total price of $2,900,000. Below are the assets with their corresponding fair market value:
Asset Description Fair Market Value
Equipment $650,000
Office Furniture 1,190,000
Computer Equipment 960,000
Required: Calculate the depreciation in 2022 for the office furniture assuming they elect to use section 179 on the office furniture.
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