Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need to compute the depreciation and amortization on form 4562 using this information: The Holloway and Forrow Enterprises, Inc. owns the following depreciable assets:

I need to compute the depreciation and amortization on form 4562 using this information:

The Holloway and Forrow Enterprises, Inc. owns the following depreciable assets:

Automobile-2015 Lexus (Five yr. Property); Date Acquired-April 1, 2015; Original Cost-$50,000

Automobile-2015 Cadillac Seville (Five yr. Property); Date Acquired-April 1, 2015; Original Cost-$50,000

Furniture & Fixtures (Seven yr. Property); Date Acquired-May 1, 2014; Original Cost-$150,000

Each automobile was used a total of 18,000 miles during yr 2016 all were business related. Were not available for personal use during off-duty hours and were used by two employees who both have their own personl vehicle. For Federal Tax Purposes, all assets are depreciated using MACRS. Section 179 deduction was not elected in regards to any of these assets nor was Straight-Line Depreciation used.

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

Company Audit In A Budget Internal Audit For Financial Managers

Authors: Pramod Kesav N

1st Edition

B09QXF42M2

More Books

Students also viewed these Accounting questions