4. Martin has been busy creating and managing his new company. Below is a list of assets acquired during 2020: (Use MACRS tables in the textbook) (Round intermediate calculations and fival answer to the nearest whole dollar amont) Asset Computers Machinery Used harvest truck* Date Placed Cost in Service $ 10,000 10/03/2020 260,000 05/22/2020 25,000 03/17/2020 * Not considered a luxury automobile, thus not subject to the luxury automobile limitations. During 2020, the company had huge success and Martin acquired more assets the next year to increase its production capacity. He wants to use $179 to the full benefit on the equipment only in 2021 and no Bonus taken on other assets in 2021. These are the assets acquired during 2021: Date Placed in Service Asset Cost Luxury autot Used Assembly equipment Commercial Storage Building 60,000 05/26/2021 155,000 08/15/2021 350,000 11/13/2020 *Used 100% for business purposes. Find depreciation for all the assets for 2020 and 2021. Nothing was sold. Show your work for full credit. Indicate the depreciation recovery period and convention used. Fully label your work- partial credit will be given. (For the 2020 assets you will find depreciation for 2020 and 2021. No Section 179 or bonus claimed in 2020) 4. Martin has been busy creating and managing his new company. Below is a list of assets acquired during 2020: (Use MACRS tables in the textbook) (Round intermediate calculations and fival answer to the nearest whole dollar amont) Asset Computers Machinery Used harvest truck* Date Placed Cost in Service $ 10,000 10/03/2020 260,000 05/22/2020 25,000 03/17/2020 * Not considered a luxury automobile, thus not subject to the luxury automobile limitations. During 2020, the company had huge success and Martin acquired more assets the next year to increase its production capacity. He wants to use $179 to the full benefit on the equipment only in 2021 and no Bonus taken on other assets in 2021. These are the assets acquired during 2021: Date Placed in Service Asset Cost Luxury autot Used Assembly equipment Commercial Storage Building 60,000 05/26/2021 155,000 08/15/2021 350,000 11/13/2020 *Used 100% for business purposes. Find depreciation for all the assets for 2020 and 2021. Nothing was sold. Show your work for full credit. Indicate the depreciation recovery period and convention used. Fully label your work- partial credit will be given. (For the 2020 assets you will find depreciation for 2020 and 2021. No Section 179 or bonus claimed in 2020)
