Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can I get some help with this please. Exercise 5-9 Algorithmic) (LU. 8) On April 5, 2019, Kinsey places in service a new automobile that

Can I get some help with this please.

image text in transcribed

Exercise 5-9 Algorithmic) (LU. 8) On April 5, 2019, Kinsey places in service a new automobile that cost $ 66,500. He does not elect $ 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Assume the following luxury automobile limitations: year 1: $10,000; year 2: $16,000. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2019: $ 11,970 X 2020: $ 19,152 X Feedback

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Accounting Volume 23

Authors: Philip M J Reckers

1st Edition

0762314257, 9780762314256

More Books

Students also viewed these Accounting questions