Cost recovery allowed and allowable lo 1 2on november 4

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Reference no: EM13589201

Cost Recovery Allowed and Allowable (LO. 1, 2)On November 4, 2011, Blue Company acquired an asset for $200,000 for use in its business. In 2011 and 2012, respectively, Blue took $642 and $5,128 of cost recovery. These amounts were incorrect because Blue applied the wrong percentages. Blue should have taken $910 and $7,272 cost recovery in 2011 and 2012, respectively. On January 1, 2013, the asset was sold for $180,000.

The adjusted basis of the asset at the end of 2012 is ?
The cost recovery deduction for 2013 is ?
the loss on the sale of the asset in 2013 is ?

Reference no: EM13589201

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