Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he
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Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 931 miles on the four-wheeler that he bought on January 15 for $7,700. Of the miles driven, only 251 miles were for personal use. Assume four-wheelers qualify to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (UseMACRSTable 1,Table 2,Table 3,Table 4andTable 5.)(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Question: Calculate the allowable depreciation for year 1 (ignore the 179 expense and bonus depreciation).
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