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On 1/1/2020, the following assets were purchased and placed in service: Asset Date Acquired and Cost Basis: Computer equipment 3/23/2020 Office furniture 5/12/2020 Pickup truck

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On 1/1/2020, the following assets were purchased and placed in service: Asset Date Acquired and Cost Basis: Computer equipment 3/23/2020 Office furniture 5/12/2020 Pickup truck 9/17/2020 Shelving for inventory 10/1/2020 Land for future office 11/15/2020 5,000 7,000 10,000 8,000 20,000 Assume $179 expensing will not be elected, and the taxpayer will elect out of bonus depreciation. Required: a. Compute 2020 tax depreciation for each asset in Excel on a tab labeled "Parta" in the format shown below. b. Compute 2021 tax depreciation for each asset on a tab labeled "Part b" in the format shown below. c. Assume that the "Shelving for inventory" has a cost basis of 16,000 instead of 8,000, and compute 2020 tax depreciation for each asset in Excel on a tab labeled "Part c" in the format shown below. The Excel spreadsheet should have separate columns for each of the following: Asser Purchase Date Quarter Recovery Period Original Basis Rate Depreciation On 1/1/2020, the following assets were purchased and placed in service: Asset Date Acquired and Cost Basis: Computer equipment 3/23/2020 Office furniture 5/12/2020 Pickup truck 9/17/2020 Shelving for inventory 10/1/2020 Land for future office 11/15/2020 5,000 7,000 10,000 8,000 20,000 Assume $179 expensing will not be elected, and the taxpayer will elect out of bonus depreciation. Required: a. Compute 2020 tax depreciation for each asset in Excel on a tab labeled "Parta" in the format shown below. b. Compute 2021 tax depreciation for each asset on a tab labeled "Part b" in the format shown below. c. Assume that the "Shelving for inventory" has a cost basis of 16,000 instead of 8,000, and compute 2020 tax depreciation for each asset in Excel on a tab labeled "Part c" in the format shown below. The Excel spreadsheet should have separate columns for each of the following: Asser Purchase Date Quarter Recovery Period Original Basis Rate Depreciation

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