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+A LA $ Johnson Industries purchased a metal-working lathe for $36,000. This item will be used for business 90% of the time. Accountants elected to take a $15,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule (in $) using MACRS. Round all dollar amounts to the nearest cent. MACRS Depreciation Deduction Accumulated Depreciation Book Value $ +A Johnson Industries MACRS Depreciation Schedule-Metal-working Lathe End of Year Basis for Depreciation Recovery Percent 1 2 3 $ 4 $ $ A ✓ 33.33% = 44.45% = 14.81% 7.41% = A $ $ +A A +A +A +A +A

+A LA $ Johnson Industries purchased a metal-working lathe for $36,000. This item will be used for business 90% of the time. Accountants elected to take a $15,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule (in $) using MACRS. Round all dollar amounts to the nearest cent. MACRS Depreciation Deduction Accumulated Depreciation Book Value $ +A Johnson Industries MACRS Depreciation Schedule-Metal-working Lathe End of Year Basis for Depreciation Recovery Percent 1 2 3 $ 4 $ $ A ✓ 33.33% = 44.45% = 14.81% 7.41% = A $ $ +A A +A +A +A +A

FINANCIAL ACCOUNTING
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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+A LA $ Johnson Industries purchased a metal-working lathe for $36,000. This item will be used for business 90% of the time. Accountants elected to take a $15,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule (in $) using MACRS. Round all dollar amounts to the nearest cent. MACRS Depreciation Deduction Accumulated Depreciation Book Value $ +A Johnson Industries MACRS Depreciation Schedule-Metal-working Lathe End of Year Basis for Depreciation Recovery Percent 1 2 3 $ 4 $ $ A ✓ 33.33% = 44.45% = 14.81% 7.41% = A $ $ +A A +A +A +A +A
Transcribed Image Text:+A LA $ Johnson Industries purchased a metal-working lathe for $36,000. This item will be used for business 90% of the time. Accountants elected to take a $15,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule (in $) using MACRS. Round all dollar amounts to the nearest cent. MACRS Depreciation Deduction Accumulated Depreciation Book Value $ +A Johnson Industries MACRS Depreciation Schedule-Metal-working Lathe End of Year Basis for Depreciation Recovery Percent 1 2 3 $ 4 $ $ A ✓ 33.33% = 44.45% = 14.81% 7.41% = A $ $ +A A +A +A +A +A
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