From the following facts, complete a depreciation schedule by using the straight-line method: Note: Input all amounts as positive values. Cost of Honda Accord Hybrid Residual value Estimated life. End of year 1 End of year 2 End of year 3 End of year 4 End of year 5 End of year 6 Cost of Honda Accord Depreciation expense for year $ 34,700 $ 7,100 8 years Accumulated depreciation at end of year Book value at end of year

From the following facts, complete a depreciation schedule by using the straight-line method: Note: Input all amounts as positive values. Cost of Honda Accord Hybrid Residual value Estimated life. End of year 1 End of year 2 End of year 3 End of year 4 End of year 5 End of year 6 Cost of Honda Accord Depreciation expense for year $ 34,700 $ 7,100 8 years Accumulated depreciation at end of year Book value at end of year

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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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…
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