ZuoTi.Pro
Question

Question 3 (10 points):

Using the Modified Accelerated Cost Recovery method (table A-1), calculate the depreciation of $2,500,000 property for 7-year half -year convention. Note: you just need to calculate the depreciation; you do not need to use it in any further calculations.Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Solution Given -) We Need Colccel alė the depreciation ob 7 years hout. Y€71 $ 2,500,000 property boop convention. -> In thiThe depreciation for the year 3 is $2,500,000 x 17.49% 59377,250 1. =) The depreciation for the year his = $ 2,500,000 X 12.4.: 223,250 - the . depreciation for the year 8 is 46% = $2,500,000 X = Ill, 500

0 1
Add a comment
Know the answer?
Add Answer to:
Question 3 (10 points): Using the Modified Accelerated Cost Recovery method (table A-1), calculate the depreciation...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • THIS IS BASED ON 5 YEAR DEPRECIATION. 2. In plain English, explain how depreciation was calculated...

    THIS IS BASED ON 5 YEAR DEPRECIATION. 2. In plain English, explain how depreciation was calculated for years 1-3. 3)In plain English, explain how depreciation was calculating for years 4-6 Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 7.41 20.00% 32.00 19.20 14.29% 24.49 17.49 12.49 8.93 10.00% 18.00 14.40 11.52 9.22 5.00% 9.50 8.55 7.70 6.93 3.750% 7.219 6.677 6.177...

  • Please refer to IRS Publication 946 2. In plain English, explain how depreciation was calculated for...

    Please refer to IRS Publication 946 2. In plain English, explain how depreciation was calculated for years 1-3. 3. In plain English, explain how depreciation was calculating for years 4-6 (Hint: See MACRS4 solution, end-of-year basis for year 3; divide by 5, but you must explain why you divided by 5). 4. Additional comments (optional): Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period 3-year 5-year 7-year 10-year 15-year Year 20-year 33.33%...

  • In plain English, explain how depreciation was calculated for years 1-3, for the 5-year column 3....

    In plain English, explain how depreciation was calculated for years 1-3, for the 5-year column 3. In plain English, explain how depreciation was calculating for years 4-6 (Hint: See MACRS4 solution, end-of-year basis for year 3; divide by 5, but you must explain why you divided by 5). Depreciation rate for recovery period Year 3-year 10-year 20-year 5-year 7-year 15-year 20.00% 14.29% 10.00% 5.00% 3.750% 33.33% 24.49 18.00 9.50 7.219 44.45 32.00 14.81 19.20 17.49 14.40 8.55 6.677 3 4...

  • Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,462,500 on...

    Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,462,500 on June 6, 2019. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including $179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1) (Round final answer to the nearest whole number.) Multiple Choice $494,791 $1,011073 $459,430. None of the choices are correct $686.930 Table 1 MACRS Half-Year Convention 20-Year Year 1 3.750% Year 2 7.219 Depreciation Rate...

  • vaughn Corporation purchased an asset at a cost of $56,250 on March 1, 2020. The asset has a useful life of 8 years and...

    vaughn Corporation purchased an asset at a cost of $56,250 on March 1, 2020. The asset has a useful life of 8 years and a salvage value of $4,500. For tax purposes, the MACRS class life is 5 years. Recovery Year 3-year   (200% DB) 5-year (200% DB) 7-year (200% DB) 10-year (200% DB) 15-year (150% DB) 20-year (150% DB) 1         33.33      20.00      14.29      10.00      5.00      3.750      2         44.45      32.00      24.29      18.00      9.50      7.219      3         14.81*    19.20      17.49      14.40      8.55      6.677     ...

  • On April 5, 2019, Kinsey places in service a new passenger automobile that cost $60,000. The...

    On April 5, 2019, Kinsey places in service a new passenger automobile that cost $60,000. The car is used 100% for business in each tax year. Kinsey uses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume Kinsey elects any available additional first-year depreciation. The maximum depreciation allowed for 2019 is $ 12000 X and for 2020 is S 16000 20 5 Hint(s) EXHIBIT 8.4 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention...

  • Arlington LLC purchased an automobile for $80,000 on July 5, 2018. What is Arlington's depreciation expense...

    Arlington LLC purchased an automobile for $80,000 on July 5, 2018. What is Arlington's depreciation expense for 2018 if its business use percentage is 80 percent (ignore any possible bonus depreciation)? (Use MACRS Table 1, and Exhibit 10-10.) Multiple Choice None of the choices are correct. $12,000. $6,125. $8,000. $8,000. TABLE 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period Year 3-Year 5-Year 10-Year 15-Year 20-Year 20.00% 32.00 19.20 11.52 11.52 5.76 7-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93...

  • Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery...

    Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 20.00% 32.00 19.20 11.52 11.52 14.29% 24.49 17.49 12.49 8.93 10.00% 18.00 14.40 11.52 9.22 5.00% 9.50 8.55 7.70 6.93 3.750% 7.219 6.677 6.177 5.713 7.41 5.76 8.92 8.93 4.46 7.37 6.55 6.55 6.56 6.55 6.23 5.90 5.90 5.91 5.90 5.285 4.888 4.522 4.462 4.461 3.28 5.91 5.90 5.91 4.462 4.461 4.462 4.461...

  • I am.handicap student please help fast nt seles Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year5-year 7-year 10-yea...

    I am.handicap student please help fast nt seles Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year5-year 7-year 10-year 15-year 20-year 33.33%| 20.00% | 14.29% | 10.00% | 5.00% | 3.750% 44.45 14.81 7.219 9.50 8.55 7.70 6.93 24.49 17.49 18.00 14.40 12.49 11.52 32.00 19.20 11.52 11.52 2 6.677 7.41 5.713 9.22 8.93 5 5.285 4.888 4.522 4.462 4.461 6.23 5.90 5.90 5.91 5.90 7.37 6.55 6.55 6.56 6.55...

  • 83 Reid acquired two assets in 2019: on August 6th he acquired computer equipment (five-year property)...

    83 Reid acquired two assets in 2019: on August 6th he acquired computer equipment (five-year property) with a basis of $1,020,000 and on November 9th he acquired machinery (seven-year property) with a basis of $1,020,000. Assume that Reld has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction, including 5179 expensing (but not bonus depreciation). (Use MACRS Tab .) points Essay Toolbar navigation ( 01:07:02 BI V SE 11. A A 7.70 Table 1 MACRS Half-Year Convention Depreciation...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT