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Mathematics, 23.06.2021 22:30 skincarewithcourtney

On November 4, 2018, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2018 and 2019, respectively, Blue deducted $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the wrong percentages (i. e., those for 39-year rather than 27.5-year assets). Blue should have taken $910 and $7,272 cost recovery in 2018 and 2019, respectively. On January 1, 2020, the asset was sold for $180,000.

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On November 4, 2018, Blue Company acquired an asset (27.5-year residential real property) for $200,0...
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