Sage Corporation purchased an asset at a cost of $54,000 on March 1, 2017. The asset has a useful life of 8 years and a salvage value of $3,640. For tax purposes, the MACRS class life is 5 years. MACRS Depreciation Rates by Class of Property RecoveryYear 3-year (200% DB) 5-year(200% DB) 7-year(200% DB) 10-year(200% DB) 15-year(150% DB) 20-year(150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.29 18.00 9.50 7.219 3 14.81* 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52* 12.49 11.52 7.70 6.177 5 11.52 8.93* 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55* 5.90* 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462* 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231 *Switchover to straight-line depreciation. Compute tax depreciation for each year 2017–2022. (Round answers to 0 decimal places, e.g. 45,892.) Tax depreciation for 2017 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2018 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2019 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2020 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2021 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2022 $enter a dollar amount rounded to 0 decimal places Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT I need the tax depreciation for 2017-2022. Please answer all the questions. Question Attempts: 0 of 3 used
Sage Corporation purchased an asset at a cost of $54,000 on March 1, 2017. The asset has a useful life of 8 years and a salvage value of $3,640. For tax purposes, the MACRS class life is 5 years. MACRS Depreciation Rates by Class of Property RecoveryYear 3-year (200% DB) 5-year(200% DB) 7-year(200% DB) 10-year(200% DB) 15-year(150% DB) 20-year(150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.29 18.00 9.50 7.219 3 14.81* 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52* 12.49 11.52 7.70 6.177 5 11.52 8.93* 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55* 5.90* 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462* 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231 *Switchover to straight-line depreciation. Compute tax depreciation for each year 2017–2022. (Round answers to 0 decimal places, e.g. 45,892.) Tax depreciation for 2017 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2018 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2019 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2020 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2021 $enter a dollar amount rounded to 0 decimal places Tax depreciation for 2022 $enter a dollar amount rounded to 0 decimal places Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT I need the tax depreciation for 2017-2022. Please answer all the questions. Question Attempts: 0 of 3 used
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 2RE: Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual...
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