Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is beingused ERecoveryperiod(years)Elapsed timesince purchase(years)AssetInstalled costA$987,0002The remaining book value is $ . (Round to the nearest dollar.)Data Table(Click on the icon located on the top-right corner of the data table below in order to copy its contents into aspreadsheet.)Rounded Depreciation Percentages by Recovery Year Using MACRS forFirst Four Property ClassesPercentage by recovery year*5 yearsRecovery year3 years7 years10 years133%20%14%10%45%32%25%18%15%19%18%14%7%12%12%12%12%9%9%5%9%8%9%7%4%6%6%106%114%Totals100%100%100%100%*These percentages have been rounded to the nearest whole percent to simplify calculations whileretaining realism. To calculate the actual depreciation for tax purposes, be sure to apply the actualunrounded percentages or directly apply double-declining balance (200%) depreciation using the half-yearconvention.23 4 5 678 9 은;

Name: Book value Find the book value for the asset shown in the accompanyin
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Description: Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is beingused ERecoveryperiod(years)Elapsed timesince purchase(years)AssetInstalled costA$987,0002The remaining book value is $ . (Round to

In this we have to calculate the accumulated depreciation for 2 years and deduct it from cost of…

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Finance

Recovery period (years) Elapsed time since purchase (years) talled cost 987,000 5 2 walue is $ (Round to the nearest dollar.) on located on the top-right corner of the data table below in order to copy its contents into preciation Percentages by Recovery Year Using MACRS for roperty Classes Percentage by recovery year* 5 years year 7 years 10 years 10% 3 years 33% 20% 14% 45% 32% 25% 18% 15% 19% 18% 14% 7% 12% 12% 12% 12% 9% 9% 5% 9% 8% 9% 7% 4% 6% 6% 6% 4% 100% 100% 100% 100% ntages have been rounded to the nearest whole percent to simplify calculations while ism To calculate the actual depreciation for tay purnoses be sure to apply the actual

Recovery period (years) Elapsed time since purchase (years) talled cost 987,000 5 2 walue is $ (Round to the nearest dollar.) on located on the top-right corner of the data table below in order to copy its contents into preciation Percentages by Recovery Year Using MACRS for roperty Classes Percentage by recovery year* 5 years year 7 years 10 years 10% 3 years 33% 20% 14% 45% 32% 25% 18% 15% 19% 18% 14% 7% 12% 12% 12% 12% 9% 9% 5% 9% 8% 9% 7% 4% 6% 6% 6% 4% 100% 100% 100% 100% ntages have been rounded to the nearest whole percent to simplify calculations while ism To calculate the actual depreciation for tay purnoses be sure to apply the actual

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.5: Declining-balance Method Of Depreciation

Problem 1WT

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Find the book value for the asset shown in the accompanying table, assuming that MACRS depresiing is being used: View the table attached: Asset Installed Cost Recovery Period (Years) Elapsed time since purchase (Years) A $902,000 5 3
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An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.
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