Question
Compute MACRS depreciation for the following qualified assets for the calendar years 2022 and 2023: (Ignore bonus depreciation and Section 179 deduction.) [Refer to Ch.
Compute MACRS depreciation for the following qualified assets for the calendar years 2022 and 2023: (Ignore bonus depreciation and Section 179 deduction.) [Refer to Ch. 6 Table 7 in the textbook for the depreciation rate]
| Asset | Year purchased | Cost | Salvage value |
| Business equipment (7-year property) | March 2022 | $99300 | $10,000 |
| Car | May 2022 | 14700 | 1,000 |
| Office furniture (7-year property) | July 2022 | 20700 | 3,000 |
| Building (Office) | January 2022 | 201000 | 5,000 |
What is the 2023 depreciation expense for the business equipment?
[For your answer, please use whole number and ignore the dollar sign and the comma.]
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Financial Accounting
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
1st Canadian Edition
9780132147538, 132889714, 013214753X , 978-0132889711
