A large profitable corporation purchased a small jet plane for use by the firm's executives in January.

Question:

A large profitable corporation purchased a small jet plane for use by the firm's executives in January. The plane cost $1.5 million and, for depreciation purposes, is assumed to have a zero salvage value at the end of 5 years. Compute the MACRS depreciation schedule.

Depreciation
Depreciation is an important concept in accounting. By definition, depreciation is the wear and tear in the value of a noncurrent asset over its useful life. In simple words, depreciation is the cost of operating a noncurrent asset producing... Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...