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Shellie purchased a passenger automobile on March 2, 2015. She paid $15,000 for the automobile and can support business use of 85 percent. Calculate the amount of depreciation on the automobile for 2015 using the accelerated MACRS method (if available), assuming Shellie does not make the election to expense or claim bonus depreciation.
Fair Value Hedge
A risk management strategy that uses financial instruments to mitigate the risk of changes in the fair value of an asset or liability.
Mexican Pesos
The currency of Mexico, abbreviated as MXN.
Foreign Exchange Gain
A profit arising from the increase in value of one currency against another in which a company holds assets or liabilities.
Non-Interest-Bearing Note
A financial instrument that does not accrue interest over its life, promising to pay the principal amount at maturity.
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