Pat Purchased a Used Five-Year Class Asset on March 15

question 85

Multiple Choice

Pat purchased a used five-year class asset on March 15, 2017, for $60,000. He did not elect § 179 expensing. Determine the cost recovery deduction for 2017 for earnings and profits purposes.

• A)$2,000
• B)$3,000
• C)$6,000
• D)$12,000
• E)None of the above

Determine the equilibrium quantity and price in a market.

Understand the concept of producer surplus and how it is affected by market changes.

Calculate changes in consumer surplus due to shifts in price.

Identify the effects of market equilibrium changes on consumer and producer surplus.

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