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Question - Gold Corporation puts into service the following new assets in 2021.
Date acquired and placed in service
Asset
Cost
February 25
Furniture
$28,000
July 10
Computers
$20,000
November 18
Equipment
$30,000
Gold Corporation does not elect immediate expensing under Section 179 and does not claim any available bonus depreciation. What MACRS convention applies to these assets?
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Loss on early retirement of long-term debt 3,000,000. What amount shall Forbes Corporation shall report as its net income for the year 2021
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