Max Inc. has acquired various types of assets recently. Below is a list of assets acquired during 2020 AND 2021. Max elected out of $179 expense and bonus depreciation in both years. In the table below indicate the appropriate convention for each asset by entering the corresponding letter from the following choices: A-half-year; B - mid-quarter; C - mid-month. Convention Asset Machinery Office Building Computers Office Furniture (1) ( Warehouse Office Furniture (2) Luxury Sedan (80% business use) Cost Basis $150,000 $ 800,000 30,000 65,000 400.000 80,000 100,000 Date Placed in Service August 31, 2020 November 30, 2020 January 10, 2021 April 1, 2021 July 28, 2021 October 31, 2021 November 24, 2021 Calculate Max's depreciation expense for 2021 by completing the following table entering dollar amounts rounded to the nearest whole dollar (e.g., $199.50 = 200) and percentage values to three decimal ) places (e.g., 14.29% = 14.290). Do not use commas, dollar signs or percentage signs (but don't worry if Compass adds some for you). Less: MACRS Remaining MACRS Asset $179 or Cost Basis Basis Rate Depreciation Expense Bonus $150,000 800,000 30,000 65,000 Machinery Office Building Computers Office Furniture (1) Warehouse Office Furniture (2) ( Luxury Sedan (80% business use) Subtotals Total Depreciation 400,000 80.000 100,000 Max Inc. has acquired various types of assets recently. Below is a list of assets acquired during 2020 AND 2021. Max elected out of $179 expense and bonus depreciation in both years. In the table below indicate the appropriate convention for each asset by entering the corresponding letter from the following choices: A-half-year; B - mid-quarter; C - mid-month. Convention Asset Machinery Office Building Computers Office Furniture (1) ( Warehouse Office Furniture (2) Luxury Sedan (80% business use) Cost Basis $150,000 $ 800,000 30,000 65,000 400.000 80,000 100,000 Date Placed in Service August 31, 2020 November 30, 2020 January 10, 2021 April 1, 2021 July 28, 2021 October 31, 2021 November 24, 2021 Calculate Max's depreciation expense for 2021 by completing the following table entering dollar amounts rounded to the nearest whole dollar (e.g., $199.50 = 200) and percentage values to three decimal ) places (e.g., 14.29% = 14.290). Do not use commas, dollar signs or percentage signs (but don't worry if Compass adds some for you). Less: MACRS Remaining MACRS Asset $179 or Cost Basis Basis Rate Depreciation Expense Bonus $150,000 800,000 30,000 65,000 Machinery Office Building Computers Office Furniture (1) Warehouse Office Furniture (2) ( Luxury Sedan (80% business use) Subtotals Total Depreciation 400,000 80.000 100,000
