In April 2016,Emma Acquired a Machine for $60,000 for Use

question 12

Multiple Choice

In April 2016,Emma acquired a machine for $60,000 for use in her business.The machine is classified as 7-year property.Emma does not expense the asset under Sec.179,and it is not eligible for bonus depreciation.Emma's depreciation on the machine this year is

• A)$30,000.
• B)$60,000.
• C)$6,428.
• D)$8,574.

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Definitions:

Net National Income

The total income of a nation after adding all payments from abroad and subtracting all payments to abroad, including depreciation.

Gross National Product

The total market value of all the goods and services produced by a country's residents and businesses over a specified period.

Net National Product

The total value of all goods and services produced by a country over a specific time period, minus depreciation.

Gross Domestic Product

The aggregate market or monetary value of all completed goods and services produced inside a nation's boundaries over a certain time frame.