Johnson Industries purchased a metal-working lathe for $38,000. This item will be used for business 90% of the time. Accountants elected to take a $17,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule using MACRS. Round all dollar amounts to the nearest cent. Johnson Industries MACRS Depreciation Schedule-Metal-working Lathe End of Year Basis for Depreciation Recovery Percent MACRS Depreciation Deduction Accumulated Depreciation Book Value 1 2 3 4 X X X 33.33% = 44.45% 14.81% 7.41%

Johnson Industries purchased a metal-working lathe for $38,000. This item will be used for business 90% of the time. Accountants elected to take a $17,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule using MACRS. Round all dollar amounts to the nearest cent. Johnson Industries MACRS Depreciation Schedule-Metal-working Lathe End of Year Basis for Depreciation Recovery Percent MACRS Depreciation Deduction Accumulated Depreciation Book Value 1 2 3 4 X X X 33.33% = 44.45% 14.81% 7.41%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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