A 7 year property class asset was purchased for $115,000. The owner took depreciation charges using MACRS each year. The asset was sold at a market value of $122,200 at the end of the third year. The book value at the end of the third year? i. $70,400 ii. $65,087 iii. $50,290 iv. $43,446 v. $35,900 Please use excel and show formulas.

A 7 year property class asset was purchased for $115,000. The owner took depreciation charges using MACRS each year. The asset was sold at a market value of $122,200 at the end of the third year. The book value at the end of the third year? i. $70,400 ii. $65,087 iii. $50,290 iv. $43,446 v. $35,900 Please use excel and show formulas.

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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