In 2022, Leo construction traded in a light duty pickup truck that had a book value of $18,000. A new pickup truck having a fair market value of $56,235 was acquired. Because the vendor accepted the old truck as a trade-in, a deal was agreed, and Leo construction would only pay $32,975 for the new truck. Compute the third year depreciation (d3) for the new truck using the general depreciation system method. TABLE 11-1 Example Class Lives and MACRS Property Classes" MACRS Property Class (years) IRS Asset Class Life (years] Class Asset Description ADR GDS ADS 00.1 1 Office furniture, fixtures, and equipment 10 00.12 Information systems: computers/peripheral 00.22 Automobiles, taxis 00.241 Light general-purpose trucks 00.25 Railroad cars and locomotives 00.40 Industrial steam and electric distribution 22 01.11 Cotton gin assets 12 01.21 Caule, breeding or dairy 7 13.00 Offshore drilling assets 7.5 13.30 Petroleum refining assets 16 15.00 Construction assets 20.10 Manufacture of grain and grain mill products 22.2 Manufacture of yam, thread, and woven fabric 24.10 Cutting of timber 32.20 Manufacture of cement 20 37.11 Manufacture of motor vehicles 12 48.11 Telephone communications assets and buildings 24 48.2 Radio and television broadcasting equipment 6 49.12 Electric utility nuclear production plant 20 49.13 Electric utility steam production plant 28 49.23 Natural gas production plant 14 50.00 Municipal wastewater treatment plant 24 80.00 Theme and amusement park assets 125 125TABLE 11-3 MACRS Depreciation for Personal Property: Half-Year Convention Applicable Percentage for Property Class Recovery 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year Property Property Property Property Property Property 33.33 20.00 14.29 10.00 5.00 3.750 W N - 44.45 32.00 24.49 18.00 9.50 7.219 14.81* 19.20 17.49 14.40 8.55 6.677 7.41 11.52* 12.49 11.52 7.70 6.177 11.52 8.93# 9.22 6.93 5.713 5.76 8.92 7.37 6.23 5.285 8.93 6.55# 5.90# 4.888 4.46 6.55 5.90 4.522 6.56 5.91 4.462* 10 5.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 5.91 4.462 5.90 4.461 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231 You Answered Correct Answer 9,787 margin of error +/- 2%