Richland Company purchased an asset in 2017 for $50,000 and sold it in 2020. The asset was 7-year recovery property. Richland's 2020 MACRS depreciation on the asset was $6,245. Use Table 7-2.

Question

Quizplus · Accepted Answer

The question does not provide enough information to determine if the depreciation taken was fully deducted. It would depend on the method of depreciation that was used and the amount of depreciation that was taken in prior years.

Richland Company Purchased an Asset in 2017 for $50,000 and Sold