Ch 10 P-65 6 Saved Part 1 of 2 Required information Problem 10-65 (LO 10-3) (The following information applies to the questions displayed below.] points Skipped Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 999 miles on the four-wheeler that he bought on January 15 for $8,400. Of the miles driven, only 219 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) eBook Problem 10-65 Part-a Hint a. Calculate the allowable depreciation for year 1 (ignore the $179 expense and bonus depreciation). Ask Depreciation deduction Print References Ch 10 P-65 Saved Part 2 of 2 Required information Problem 10-65 (LO 10-3) [The following information applies to the questions displayed below.] points Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 999 miles on the four-wheeler that he bought on January 15 for $8,400. Of the miles driven, only 219 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) eBook Hint Problem 10-65 Part-b Ask b. Calculate the allowable depreciation for year 2 if total miles were 1,495 and personal use miles were 665 (ignore the $179 expense and bonus depreciation). Print Depreciation deduction References