A barn that cost $42,000 to construct is placed in service midyear as a 20-year property. What is the MACRS depreciation for year 3? Click the icon to view a table of MACRS rates. The year 3 depreciation is $ (Round to the nearest cent as needed.) 11/9/22, 12:38 AM Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 3-Year 33.33% 44.45 14.81 7.41 Depreciation rate for recovery period 7-Year 14.29% 24.49 5-Year 20.00% 32.00 19.20 11.52 11.52 5.76 . 17.49 12.49 8.93 8.92 8.93 4.46 10-Year 10.00% 18.00 14.40 11.52 9.22 7.37 6.55 6.55 6.56 6.55 3.28 15-Year 20-Year 5.00% 3.750% 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91. 5.90 MACRS Table 5.91 2.95 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 33 glalarackPlayer Test ags hiuyid-96430 T 241545700 28igstid-229150 perest, 740012144717176803

A barn that cost $42,000 to construct is placed in service midyear as a 20-year property. What is the MACRS depreciation for year 3? Click the icon to view a table of MACRS rates. The year 3 depreciation is $ (Round to the nearest cent as needed.) 11/9/22, 12:38 AM Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 3-Year 33.33% 44.45 14.81 7.41 Depreciation rate for recovery period 7-Year 14.29% 24.49 5-Year 20.00% 32.00 19.20 11.52 11.52 5.76 . 17.49 12.49 8.93 8.92 8.93 4.46 10-Year 10.00% 18.00 14.40 11.52 9.22 7.37 6.55 6.55 6.56 6.55 3.28 15-Year 20-Year 5.00% 3.750% 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91. 5.90 MACRS Table 5.91 2.95 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 33 glalarackPlayer Test ags hiuyid-96430 T 241545700 28igstid-229150 perest, 740012144717176803

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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Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation? $75,000 Credit O None of the above. O $35.000 Credit $35.000 Debit $40,000 Debit
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