**Topic: Calculating MACRS Depreciation**A barn that cost $46,000 to construct is placed in service midyear as a 20-year property. What is the MACRS depreciation for year 16?- Click the icon to view a table of MACRS rates.---To find the depreciation for year 16, refer to the MACRS table for 20-year property and apply the relevant rate to the cost of the barn. Round the answer to the nearest cent as needed.**Note:** Ensure the table of MACRS rates is referenced for precise calculation. ## MACRS Depreciation TableThe Modified Accelerated Cost Recovery System (MACRS) is a method of depreciation used in the United States for tax purposes. The table below outlines the percentage depreciation rates for various recovery periods.| 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 | 8.93 | 6.55 | 6.23 | 5.285 || 7 | | | 8.93 | 6.55 | 5.90 | 4.888 || 8 | | | 4.46 | 6.55 | 5.91 | 4.522 || 9 | | | | 6.55 | 5.90 | 4.462 || 10 | | | | 6.55 | 5.91 | 4.461 || 11 | | | | 3.28 | 5.90 | 4.462 || 12 | | | | | 5.91

Introduction:- MACRS stands for Modified Accelerated Cost Recovery System. It is used for all…

Answered: barn that cost $46,000 to cor truct is…

Business

Accounting

barn that cost $46,000 to cor truct is placed in Click the icon to view a table of MACRS rates.

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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