Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ohnson Industries purchased a metal-working lathe for $32,000. This item will be used for business 90% of the time. Accountants elected to take a $11,000

ohnson Industries purchased a metal-working lathe for $32,000. This item will be used for business 90% of the time. Accountants elected to take a $11,000 section 179 deduction and utilize the special depreciation allowance of 50%.

Prepare a depreciation schedule (in $) using MACRS.

Round all dollar amounts to the nearest cent.

Johnson Industries MACRS Depreciation ScheduleMetal-working Lathe
End of Year Basis for Depreciation Recovery Percent = MACRS Depreciation Deduction Accumulated Depreciation Book Value
$
1 $ 33.33% = $ $ $
2 $ 44.45% = $ $ $
3 $ 14.81% = $ $ $
4 $ 7.41% = $ $ $

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

Governmental Accounting

Authors: Steven M. Bragg

2022nd Edition

1642210781, 978-1642210781

More Books

Students also viewed these Accounting questions

Question

Define self-discipline. (p. 210)

Answered: 1 week ago