i just need help with depreciation. i understand the rest but im lost when it comes to depreciation.

Chap 8 eBook Calculator Instructions Comprehensive Problem 8-1 Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are: Gross sales $351,700 4,000 Returns and allowances Expenses: $ 84,300 Beginning inventory (at cost) 100,700 Add: pur ses 185,000 Cost of goods available for sale 75,000 Less: ending inventory (at cost) $110,000 Cost of goods sold 23,800 Rent 1,500 Insurance 2,800 Legal and accounting fees 37,200 Payroll 3,440 Payroll taxes 1,850 Utilities 750 Office supplies 2,100 Advertising Check My Work Sherry's bookkeeper has provided the book-basis fixed asset roll forward to be used in computing the depreciation. The tax lives of the assets are the same as the book lives shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations. No Section 179 election is made. For tax purposes, Sherry elected out of bonus depreciation in all years except 2018. Required: Complete Sherry's Schedule C and Form 4562. Make realistic assumptions about any missing data. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "0". If required round any dollar amount to the nearest dollar. Sherry's bookkeeper has provided the following book-basis fixed asset roliforward: Hopson Retail Fixed Asset Rollforward 12/31/2018 (book basis) DEPR COST 2016 2017 2018 ACCUM NET BOOK ASSET IN SERVICE METHOD LIFE BASIS DEPR DEPR DEPR DEPR VALUE CASH REGISTER 2/15/2016 SL 9,800.00 1,796.67 1,960.00 1,960.00 5,716.67 4,083.33 2016 TOTAL ADDITIONS 9,800.00 1,796.67 1,960.00 5,716.67 1,960.00 4,083.33 RETAIL FIXTURES 10/12/2017 SL 4,500.00 160.71 642.86 803.57 3,696.43 FURNITURE 10/12/2017 SL 3,600.00 128.57 514.29 2,957.14 642.86 2017 TOTAL ADDITIONS 8,100.00 289.28 1,157.15 1,446.43 6,653.57 TOTAL 17,900.00 1,796.67 2,249.28 3,117.15 7.163.10 10,736.90 DELIVERY TRUCK 6/1/2018 SL 32,000.00 3,733.33 3,733.33 28,266.67 DESK AND CABINETRY 6/1/2018 SL 17.000.00 1,416.67 1,416.67 15,583.33 COMPUTER 6/1/2018 SL 3,500.00 408.33 408.33 3,091.67 52,500.00 2018 TOTAL ADDITIONS 5.558.33 5,558.33 46,941.67 70,400.00 1,796.67 2,249.28 8.675.48 12,721.43 TOTAL 57,678.57 Schedule C eBook Calculator 237,700 V income. Add lines 5 and 6 Expenses. Enter expenses for business use of your home only on line 30. 750 V 2,100 V 18 Office expense (see instructions).... sing.. 18 ......... 19 Pension and profit-sharing plans.... 19 I truck expenses (see ions).. Rent or lease (see instructions):..... 20 20a a Vehicles, machinery, and equipment ssions and fees.... 10 23,800 v b Other business property. 20b t labor (see instructions) 11 21 21 Repairs and maintenance.. 12 on 22 22 Supplies (not included in Part III).. iation and section 179 3,440 V 23 Taxes and licenses. 23 e deduction (not included 24 Travel and meals: 13 III) (see instructions)... 24a a Travel. wee benefit programs b Deductible meals than on line 19)... . 14 (see instructions). 24b 1,500 V mce (other than health).. 15 1,850 V 25 25 Utilities.. st (see instructions): ... 37,200 V 26 26 Wages (less employment credits).... ge (paid to banks, etc.) 16a 27a Other expenses (from line 48)..... 27a 16b 27b b Reserved for future use 2,800 V and professional services 17 28 expenses before expenses for business use of home. Add lines 8 through 27a.. 29 ..... ...... ive profit or (loss). Subtract line 28 from line 7..... ses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless Chap 8 eBook Calculator of your home used for business: Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 30 31 Net profit or (loss). Subtract line 30 from line 29. If a profit, enter on both Schedule 1 (Form 1040), line 12 (or Form 1040NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3. If a loss, you must go to line 32. 31 32 If you have a loss, check the box that describes your investment in this activity (see instructions). If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 12, (or Form 32a o All investment is at 1040NR, line 13) and on Schedule SE, line 2. (Ir you checked the box on line 1, see the line 31 risk. instructions). Estates and trusts, enter on Form 1041, line 3. If you checked 32b, you must attach Form 6198. Your loss may be limited. 32b d'Some investment is not at risk. For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11334P Schedule C (Form 1040) 2018 Schedule C (Form 1040) 2018 Sherry Hopson 123-45-6789 Page 2 Part III Cost of Goods Sold (see instructions) 33 Method(s) used to a Cost value closing inventory: boLower of cost or market Co other (attach explanation) 34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes," attach explanation.... o Yes No 35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation 35 36 Purchases less cost of items withdrawn for personal use. 36 Check My Work Chap 8 eBook Calculator 37 Cost of labor. Do not include any amounts paid to yourself. 37 38 Materials and supplies.. 38 39 39 Other costs. 40 40 Add lines 35 through 39 41 Inventory at end of year 41 42 42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required Part IV to file Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562. When did you place your vehicle in service for business purposes? (month, day, year) 43 of the total number of miles you drove your vehicle during 2018, enter the number of miles you used your vehicle for: 44 b Commuting (see instructions) c Other a Business O Yes D No 45 Was your vehicle available for personal use during off-duty hours?. O Yes o No 46 Do you (or your spouse) have another vehicle available for personal use? O Yes O No 47a Do you have evidence to support your deduction? O Yes a No b If "Yes," is the evidence written?. Part V Other Expenses. List below business expenses not included on lines 8-26 or line 30