Cora,a Calendar-Year Corporation,purchased a New Machine for $35,000 and Some

question 6

Multiple Choice

Cora,a calendar-year corporation,purchased a new machine for $35,000 and some used office furniture for $180,000 in July 2015.What is Cora's maximum cost recovery deduction for 2015?

• A)$52,151
• B)$39,295
• C)$30,724
• D)$29,295

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Definitions:

Standard Account Forms

Preset document templates for financial transactions and accounts record-keeping.

New Balance

The updated amount in an account following recent transactions or adjustments.

Transposition

An error in which the order of the digits is changed, such as writing $542 as $452 or $524.

Journalizing

The procedure of logging company transactions in a journal, forming a part of the cycle of accounting.