Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Penguin Network Warehouse, LLC (PNW, LLC) acquired the following assets last year: Industrial Refrigeration Equipment on January 23 Network server computer equipment on May 4

"Penguin Network Warehouse, LLC (""PNW, LLC"") acquired the following assets last year: Industrial Refrigeration Equipment on January 23 Network server computer equipment on May 4 Office furniture on June 12 " Required: 1. Using the below MACRS depreciation table, leverage VLOOKUP formulas to calculate regular depreciation for each asset. 2. Sum the total depreciation for each year. (Hint: Use an IF formula with "Yes" and "No" to respond to the Fully Depreciated question.) Depreciation Rate for Recovery Period Year 3 5 7 1 33.33% 20.00% 14.29% 2 44.45% 32.00% 24.49% 3 14.81% 19.20% 17.49% 4 7.41% 11.52% 12.49% 5 11.52% 8.93% 6 5.76% 8.92% 7 8.93% 8 4.46% Asset: Industrial Refrigeration Equipment Class Life: 3 Basis: $1,434,214 Depreciaiton Year Rate Amount 1 33.33% 2 44.45% 3 14.81% 4 7.41% 5 0.00% 6 0.00% 7 0.00% 8 0.00% Total Fully Depreciated? Asset: Network Server Computer Equipment Class Life: Basis: $1,076,900 Depreciaiton Year Rate Amount 1 2 3 4 5 6 7 8 Total Fully Depreciated? Asset: Office Furniture Class Life: Basis: $1,002,237 Depreciaiton Year Rate Amount 1 2 3 4 5 6 7 8 Total Fully Depreciated? Total Depreciation Year Amount 1 2 3 4 5 6 7 8

solve using excel

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

Principles of Auditing and Other Assurance Services

Authors: Ray Whittington, Kurt Pany

20th edition

77729145, 978-1259295430, 1259295435, 978-0077729141

More Books

Students also viewed these Accounting questions

Question

Are there any disadvantages to this tactic?

Answered: 1 week ago

Question

Who is the assigned manager for each tactic?

Answered: 1 week ago