A 5-year property costing $328,000 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.(Round to two decimal places as needed.)MACRSRate%Year1AnnualDepreciationAccumulatedDepreciationEnd-of-yearbook valueMACRS Table3-Year1 33.33%2 44.453 14.817.414Year567891011121314151617181920Depreciation rate for recovery period5-Year 7-Year 10-Year 15-Year20.00% 14.29% 10.00% 5.00%32.0024.4918.009.5019.2017.498.5511.5212.497.7011.525.768.938.928.934.4614.4011.529.227.376.556.556.566.553.286.936.235.905.905.915.905.915.905.915.905.912.9520-Year3.750%7.2196.6776.1775.7135.2854.8884.5224.4624.4614.4624.4614.4624.4614.4624.4614.4624.4614.4624.461 An automotive company purchased equipment for $84,000. What is the fifth year's depreciation on the 7-year property if the property is placed in service in July 2011?Click the icon to view a table of MACRS rates.The fifth year's depreciation is $(Round to the nearest cent as needed.)MACRS TableYear1234567891011121314PEPP81516171819203-Year33.33%44.4514.817.41Depreciation rate for recovery period5-Year 7-Year 10-Year 15-Year20.00% 14.29% 10.00%32.0024.4918.0019.2017.4914.4011.5212.4911.5211.525.768.938.928.934.469.227.376.556.556.566.553.285.00%9.508.557.706.936.235.905.905.915.905.915.905.915.905.912.9520-Year3.750%7.2196.6776.1775.7135.2854.8884.5224.4624.4614.4624.4614.4624.4614.4624.4614.4624.4614.4624.461

MACRS (Modified Accelerated Cost Recovery System) is a method of depreciation for tax purposes in…

A 5-year property costing $328,000 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. (Round to two decimal places as needed.) MACRS Rate % Year 1 Annual Depreciation $ Accumulated Depreciation $ End-of-year book value MACRS Table Year 3-Year 33.33% 44.45 14.81 7.41 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Depreciation rate for recovery period 5-Year 7-Year 10-Year 15-Year 20.00% 14.29% 10.00% 5.00% 32.00 24.49 18.00 9.50 19.20 14.40 8.55 11.52 11.52 7.70 11.52 5.76 17.49 12.49 8.93 8.92 8.93 4.46 9.22 7.37 6.55 6.55 6.56 6.55 3.28 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 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

A 5-year property costing $328,000 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. (Round to two decimal places as needed.) MACRS Rate % Year 1 Annual Depreciation $ Accumulated Depreciation $ End-of-year book value MACRS Table Year 3-Year 33.33% 44.45 14.81 7.41 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Depreciation rate for recovery period 5-Year 7-Year 10-Year 15-Year 20.00% 14.29% 10.00% 5.00% 32.00 24.49 18.00 9.50 19.20 14.40 8.55 11.52 11.52 7.70 11.52 5.76 17.49 12.49 8.93 8.92 8.93 4.46 9.22 7.37 6.55 6.55 6.56 6.55 3.28 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 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

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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