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

See similar textbooks

Similar questions

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
help me solve remaining all
A permanent steel building used for the overhaul of dewatering systems (engines, pumps, and wellpoints) is placed in service on July 10 by a calendar-year taxpayer for $260,000. It is sold almost 5 years later on May 15. A) What is the MACRS-GDS property class? B) Determine the depreciation deduction during each of the years involved. C) Determine the unrecovered investment during each of the years involved.
A building was purchased for $68,000. The asset has an expected service life of eight years and depreciation expense each year is $5,000 using the straight-line method. What is the residual value of the building? Multiple Choice $0 $28,000 $8,500 $13,500
BOND PRICING #2 for Borrowing Money Inc Borrowing Money Inc (BMI) issues a bond on January 1, 2021 with a face valuc of $400,000. The bond has an 7 year maturity date and requires SEMI ANNUAL interest paymerits. The bond's stated interest rate is 3% and the current market interest rate is 2%. Hint: remember to set your expectations PV tables will be needed. Do not round your PVIF, but you may round answers to whole dollars. Prepare the journal entry (in proper form) at issuance of this bond for BMI. Include your journal for grading on your PDF upload. Your multiple step calculations must also be shown To get a preliminary idea of how you did you may enter your calculated amount for cash received at Issuance
a. A review of the maintenance/grounds expense accounts shows a mower that was purchased on April 1 for $ 25,000. Under the FLGC's policy the mower should be capitalized and depreciated over 10 years with no salvage value expected.
At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 Purchased land for $2,774.200. May June 1 July 1 Dec. 31 $26,590,000 11.965,500 1 50,440,000 During 2026, the following selected cash transactions occurred. 6,305,000 $ 3,783,000 14,624,500 44,135.000 $62,542,500 Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received.
Company E recently acquired an asset that has a cost basis of $11,000. The asset’s estimated life is 5 years, after which it will be sold for $1,000. Find the accumulated depreciation by the end of the second year if the sum-of-years digits depreciation is used.
Jake the Dog Inc. is investing in a new portable iguana killing machine that will cot 1pts $210,000. The machine has a useful life of 6 years and falls into the 5-year property class for the depreciation purposes. The IRS MACRS schedule for the six years is () 20%, (2) 32%, (3) 19.2 % ( 4 ) 115256, (5) 1152 %, (6)5.7653%.It will generate $50000 per Time R Aberdt year of savings for Jake and can be sold for $50,000 at the end of the 6-year period Jake's corporate tax rate is 32% In addition, Jake has 2000 outstanding 9% annual 45 Min 24/7P Coupon bonds with a $ 1000 oar value, 20 years to maturity and a price of $1085 Jalke also has 80,000 sráres of semmon stock outstanding that is selling for $45 per share This stock has a teta di 225(lis Jakel heis arisky dog-dude!), the expected market return is 1295 and the fisk-free rate ls 5% Finally, Jake has 36,000 shares preferred stock outstanding that pays a 3.5% dividend and sells for $40 per share. Using the WACC and the OCF's what…
Answer asap
7. A machine is purchased for $400,000. The machine is classified as MACRS 5-year property. The machine's useful life is 10 years. The estimated salvage value at the end of 10 years is $40,000. Using MACRS depreciation, compute the book value at the end of the third year.
A project requires $16,412 of equipment that is classified as a 7-year property. What is the depreciation expense in Year 5 given the following MACRS depreciation allowances, starting with year one: 14.29, 24.49, 17.49, 12.49, 8.93, 8.92, 8.93, and 4.46 percent? Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box.