In 2018, your company purchased a front-end loader for $150,000, a dump truck for $85,000, and a
Question:
In 2018, your company purchased a front-end loader for $150,000, a dump truck for $85,000, and a dumping trailer for the dump truck for $38,000. The front-end loader was placed in service in April and the dump truck and dumping trailer were placed in service in July. In 2019, your company purchased three side-dump trailers for $65,000each and three tractors to pull the side dump trailers for $68,000 each, which were placed in service in May. In December of 2020, your company purchased a dump truck for $87,000. Determine the depreciation allowed for tax purposes for the 2020 tax year. The tax year runs from January to December. Ignore all Section 179 deductions and bonus depreciation allowances.
Step by Step Answer:
Construction Accounting And Financial Management
ISBN: 9780135232873
4th Edition
Authors: Steven J. Peterson