Lafata Corporation acquired a 100% business-use automobile (MACRS 5-year recovery) on July 1, 2019 for $82,000. The company did not elect Sec. 179 expensing and elects out of bonus depreciation. (Click the icon to view MACRS half-year convention rates.) (Click the icon to view Luxury Automobile Depreciation limits.) Requirement What is depreciation for 2019 and each subsequent year? (Use MACRS rates to three decimal places, X.XXX%. Round all currency amounts to the nearest dollar.) Let's begin by calculating the depreciation through 2024. Year Allowable Depreciation Deduction 2019 2020 2021 2022 2023 2024 For subsequent years, applies until the automobile is fully depreciated. a $5,760 ceiling limitation the regular MACRS deduction the lesser of the regular MACRS deduction or $5,760 the greather of the regular MACRS deduction or $5,760 Enter any number in th i Reference General Depreciation System-MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Half-Year Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 20.00 10.00 5.00 33.33 44.45 14.29 24.49 3.750 7.219 Year 2 18.00 9.50 32.00 19.20 Year 3 14.81 14.40 8.55 6.677 17.49 12.49 Year 4 7.41 11.52 11.52 7.70 6.177 Year 5 8.93 9.22 6.93 11.52 5.76 5.713 5.285 Year 6 8.92 6.23 7.37 6.55 Year 7 8.93 4.888 5.90 5.90 Year 8 4.46 6.55 4.522 Year 9 6.56 5.91 4.462 Year 10 6.55 5.90 4.461 Year 11 3.28 5.91 4.462 4.461 Year 12 5.90 Print None Reference -