Orange Corporation acquired and placed in service new office furniture on August 15,2023 , for...
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Orange Corporation acquired and placed in service new office furniture on August 15,2023 , for $130,000. Orange does not elect immediate expensing under 179. Orange claims any available additional first-year depreciation. If required, round your answer to the nearest dollar. Click here to access Exhibit 8.1 and the depreciation tables in the textbook. a. Determine Orange's cost recovery for 2023 . The office furniture is classified as class of property for MACRS. If bonus depreciation is elected, Orange's deduction is $ X. b. Determine Orange's cost recovery for 2023 if Orange decided to only use $52,000 of immediate expensing and normal MACRS on the balance of the acquisition cost
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Orange Corporation acquired and placed in service new office furniture on August 15,2023 , for $130,000. Orange does not elect immediate expensing under 179. Orange claims any available additional first-year depreciation. If required, round your answer to the nearest dollar. Click here to access Exhibit 8.1 and the depreciation tables in the textbook. a. Determine Orange's cost recovery for 2023 . The office furniture is classified as class of property for MACRS. If bonus depreciation is elected, Orange's deduction is $ X. b. Determine Orange's cost recovery for 2023 if Orange decided to only use $52,000 of immediate expensing and normal MACRS on the balance of the acquisition cost 