On April 5, 2023, Kinsey places in service a new automobile that cost $67,250. He does not elect § 179 expensing, and he elects not totake any available additional first-year depreciation. The car is used 70% for business and 30% for personal use in each tax year.Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset).Click here to access the depreciation table to use for this problem.If required, round your final answers to the nearest dollar.Compute the total depreciation allowed for:7,070 X2023:2024:$$11,270 X

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Description: On April 5, 2023, Kinsey places in service a new automobile that cost $67,250. He does not elect § 179 expensing, and he elects not totake any available additional first-year depreciation. The car is used 70% for business and 30% for personal use in

Informations:> Cost of automobile $67,250> Car is used 70% for business and 30% for personal…

Answered: Compute the total depreciation allowed…

Business

Accounting

Compute the total depreciation allowed for: 2023: 2024: t A 7,070 X 11,270 X

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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