A 5-year property costing $318,000 is placed in service at midyear in 2016. The property is depreciated using MACRS. Prepare a depreciationschedule for the property.Click the icon to view a table of MACRS rates.Complete the following table. Enter the MACRS rate as a decimal and depreciation, accumulated depreciation, and end-of-year book value roundedto the nearest cent.Year1MACRSRate%AnnualDepreciation...AccumulatedDepreciation$End-of-yearbook value$ 10/23/22, 3:12 AMYear 3-Year133.33%23456789012345673222111844.4514.817.41Depreciation rate for recovery period7-Year14.29%5-Year20.00%32.0019.2011.5211.525.7624.4917.4912.498.938.928.934.4610-Year 15-Year10.00%5.00%9.508.557.706.936.2318.0014.4011.529.227.376.556.556.566.553.285.905.905.915.905.915.905.915.905.912.95MACRS Table"20-Year3.750%7.2196.6776.1775.7135.2854.8884.5224.4624.4614.4624.4614.4624.4614.4624.4614.4624.4614.4624.4612.231

A 5-year property costing $318,000 is placed in service at midyear in 2016. The property is depreciated using MACRS. Prepare a depreciation schedule for the property. Click the icon to view a table of MACRS rates. Complete the following table. Enter the MACRS rate as a decimal and depreciation, accumulated depreciation, and end-of-year book value rounded to the nearest cent. Year 1 MACRS Rate % Annual Depreciation Accumulated Depreciation End-of-year book value $

A 5-year property costing $318,000 is placed in service at midyear in 2016. The property is depreciated using MACRS. Prepare a depreciation schedule for the property. Click the icon to view a table of MACRS rates. Complete the following table. Enter the MACRS rate as a decimal and depreciation, accumulated depreciation, and end-of-year book value rounded to the nearest cent. Year 1 MACRS Rate % Annual Depreciation Accumulated Depreciation End-of-year book value $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used Recovery period (years) 5 Elapsed time since purchase (years) 2 Asset A Installed cost $839,000 The remaining book value is $ (Round to the nearest dollar.) Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes Recovery year 1 2 3 4 5 6 7 8 3 years 33% 45% 15% 7% 9 10 11 Totals Percentage by recovery year* 5 years 7 years 20% 14% 32% 19% 12% 12% 5% 25% 18% 12% 9% 8% 7% 6% 6% 6% 4% 100% 100% 100% 100% *These percentages have been rounded to the nearest whole percent to simplify calculations while retaining realism. To calculate the actual depreciation for tax purposes, be sure to apply the actual unrounded percentages or directly apply double-declining balance (200%) depreciation using the half-year 10 years 10% 18%…
A building which was constructed for Php 1,000,000 has an estimated life of 15 years and a salvage value of Php 100,000. Use the straight line method to find the depreciation charge per year and construct a depreciation schedule.
On January 1, 2023, a machine was purchased for $105,000. The machine has an estimated salvage value of $6,420 and an estimated useful life of 5 years. The machine can operate for 106,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2023, 21,200 hours; 2024, 26,500 hours; 2025, 15,900 hours: 2026, 31,800 hours; and 2027, 10,600 hours. Compute the annual depreciation charges over the machine's life assuming a December 31 year-end for each of the following depreciation methods. (Round rate per hour to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) 1. Straight-line Methodi $ 2. Activity Method Year 2023 2024 2025 $ 19,716 19,716 24,645 14,787
Calculate the Annual Depreciation for each listed asset. Assume the assets were purchased on January 1st and used for 12 months. The first asset has been completed. Utilize the straight-line depreciation method: (Original cost - Estimated Salvage Value) / Estimated Useful Life = Annual Depreciation Plant Asset Cash register Computer Vehicle Machinery Desk Asset Original Cost 500.00 4,500.00 15,500.00 8,000.00 2,500.00 Calculate the amount to be depreciated: Annual Depreciation Cash register Computer Vehicle Machinery Desk Estimated Salvage Value 25.00 800.00 3,000.00 1,200.00 200.00 67.86 Estimated Useful Life 7 years 5 years 10 years 5 years 15 years Questions? Contact your instructor!
A furniture costing $5,000 was purchased on 1.1.2016, the installation charges being $1,000. The furniture is to be depreciated @ 10% p.a. on the diminishing balance method. Calculate the annual depreciation for the first two years under diminishing balance method.
Find the depreciation for the third year using MACRS cost-recovery rates for the property placed in service at midyear. The property is a 3-year property and was purchased for $98,452. Click the icon to view a table of MACRS rates. X The depreciation is $. (Round to the nearest cent as needed.) MACRS Table Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 3-Year 33.33% 44.45 14.81 7.41 Depreciation rate for recovery perioa 5-Year 7-Year 10-Year 15-Year 20.00% 10.00% 5.00% 14.29% 32.00 19.20 11.52 11.52 5.76 24.49 17.49 12.49 8.93 8.92 8.93 4.46 18.00 14.40 11.52 9.22 7.37 6.55 6.55 6.56 6.55 3.28 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 20-Year 3.750% 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461
Assume $74,000 is going to be invested in each of the following assets. Using Table 12-11 and Table 12-12. Indicate the dollar amount of the first year's depreciation. a. Office furniture b. Automobile c. Electric and gas utility property d. Sewage treatment plant First Year's Depreciation
Subject:
An equipment is purchased for P450,000.00 prepare a six year depreciation schedule using the Matheson formula if the estimated book value after five years is P87,500.00
Show the steps to calculate the MACRS rates for 5-year Property
What is the depreciation of equipment purchased at 10 years ago for $79,040 if it is depreciated using the sum of the year's digits (SOYD) method? The expected life is 15 year. help me pls. Ill upvote
Please show all your work