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What is the journal entry to record the 50% bonus depreciation on an asset that cost $1,000,000? Does it affect the accumulated depreciation balance?
I know on form 4797 section III is the place when you sell your business equipment (year 2000 semi truck) line 19 thru 24 then this is where I am not sure dont I carry the amount down to line 30? then where on the first page do I fill out? this is very confusing