FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 8-21 (Algorithmic) (LO. 2) Lopez acquired a building on June 1, 2017, for $36,795,300. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2022 if the building is classified as residential rental real estate. b. Calculate Lopez's cost recovery deduction for 2022 if the building is classified as nonresidential real estate.
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Transcribed Image Text:Exercise 8-21 (Algorithmic) (LO. 2) Lopez acquired a building on June 1, 2017, for $36,795,300. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2022 if the building is classified as residential rental real estate. b. Calculate Lopez's cost recovery deduction for 2022 if the building is classified as nonresidential real estate.
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