In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Required: Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax...

In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000.

Required:

Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax depreciation on this asset for 2020, 2021, and 2022. Use Table 7-1 and Table 7-2. Use the below table for annual depreciation deduction for year 2020 to 2022:

2020	$ 10,100
2021	16,100
2022	9,700
2023 and subsequent years	5,760

Amount<br>2020 depreciation<br>2021 depreciation<br>2022 depreciation<br>

Extracted text: Amount 2020 depreciation 2021 depreciation 2022 depreciation

Jun 10, 2022

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In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Required: Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax...

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