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. Janelle acquires a used seven-year class asset on November 3, 2006, for $40,000. She does not elect to expense any of the asset under § 179 or straight-line cost recovery. She sells the asset on December 4, 2007. This is the only asset she acquires in 2006. Determine Janelle's cost recovery in 2006 and 2007.

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Category:- Accounting Basics
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