On July 17th, Micah purchased and placed into service a building that cost $2.25 million. An appraisal determined that 25% of the total cost was attributed to the value of the land. The bottom floor of the building is leased to a retail business for $33,000. The other floors of the building are rental apartments with an annual rent of $165,000. What is Micah's depreciation deduction for the year? [Use the tables provided in class] $41,675 O $28,131 $57,692 $43,269

On July 17th, Micah purchased and placed into service a building that cost $2.25 million. An appraisal determined that 25% of the total cost was attributed to the value of the land. The bottom floor of the building is leased to a retail business for $33,000. The other floors of the building are rental apartments with an annual rent of $165,000. What is Micah's depreciation deduction for the year? [Use the tables provided in class] $41,675 O $28,131 $57,692 $43,269

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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