Problem 8-33 (LO. 2)Debra acquired the following new assets during 2020:DateAssetCostApril 11Furniture$40,000July 28Trucks40,000November 3Computers70,000 Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation.If required, round your answers to the nearest dollar.Click here to access the depreciation tables to use for this problem.c. The cost recovery deductions for the current year is:Furniture:$fill in the blank 5Trucks:$fill in the blank 6Computers:$fill in the blank 7Exhibit 8.4MACRS Accelerated Depreciation for Personal Property Assuming Mid-Quarter Convention (Percentage Rates)For Property Placed in Service after December 31, 1986 (Partial Table)3-YearRecovery YearFirst QuarterSecond QuarterThird QuarterFourth Quarter158.3341.6725.008.33227.7838.8950.0061.115-YearRecovery YearFirst QuarterSecond QuarterThird QuarterFourth Quarter135.0025.0015.005.00226.0030.0034.0038.007-YearRecovery YearFirst QuarterSecond QuarterThird QuarterFourth Quarter125.0017.8510.713.57221.4323.4725.5127.55

MACRS MACRS can be defined as a depreciation system used for taxation. The MACRS depreciation system…

Answered: Debra acquired the following new assets…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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MACRS Accelerated Depreciation for Personal Property Assuming Mid-Quarter Convention (Percentage Rates)

For Property Placed in Service after December 31, 1986 (Partial Table)
3-Year
Recovery Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
1	58.33	41.67	25.00	8.33
2	27.78	38.89	50.00	61.11
5-Year
Recovery Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
1	35.00	25.00	15.00	5.00
2	26.00	30.00	34.00	38.00
7-Year
Recovery Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
1	25.00	17.85	10.71	3.57
2	21.43	23.47	25.51	27.55

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation

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