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

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Calculate the following amounts: The first year of depreciation on a residential rental building costing $100,000, purchased on November 30. The first year of depreciation on an auto used 100 percent in business, costing $30,000, purchased in May 2018. (No Section 179 or bonus depreciation). The second year of depreciation on a computer used exclusively for business, costing $7,000, purchased May 2017. The third year of depreciation on business furniture costing $1,000, purchased in July 2016, using the half-year convention and accelerated depreciation
Find the depreciation for the fourth 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 $90,981. MACRS Table Depreciation rate for recovery period Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year 1 33.33 % 20.00 % 14.29 % 10.00 % 5.00 % 3.750 % 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52 12.49 11.52 7.70 6.177 5 11.52 8.93 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462…
Find the book value for the asset shown in the accompanying table, assuming that MACRS depresiing is being used: View the table attached: Asset Installed Cost Recovery Period (Years) Elapsed time since purchase (Years) A $902,000 5 3
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please answer question 3
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