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Assume that Ernesto purchased a laptop computer on July 10 of year 1 for $3,000. In year 1, 80 percent of his computer usage was for his business and 20 percent was for computer gaming with his friends. This was the only asset he placed in service during year 1. Ignoring any potential §179 expense and bonus depreciation, answer the questions for each of the following alternative scenarios:
Use the MACRS Table
a. What is Ernesto's depreciation deduction for the computer in year 1?
b. What is Ernesto's depreciation deduction for the computer in year 1?
c. What is Ernesto's depreciation deduction for the computer in year 1?
Choose the correct option in the question - Evaluate Cost of goods sold and Which of the following is an example of a fixed asset?
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Bella Chen’s weekly gross earnings for the present week were $2,600. Chen has two exemptions. Using the wage bracket withholding table in Exhibit 3 with a $70 standard withholding allowance for each exemption, what is Chen’s federal income tax withho..
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Michelangelo Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative 4%, preferred stock of $25 par, and 38,000 shares of $75 par common. What will be the number of shares outstanding after the split?
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