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Question4 Buffalo Enterprises purchased a delivery truck on January 1, 2017, at a cost of $32,670. The truck has a useful life of 7 years with an estimated salvage value of $7,260. The straight-line method is used for book purposes. For tax purposes, the truck, having an MACRS class life of 7 years, is classified as 5-year property; the optional MACRS tax rate tables are used to compute depreciation. In addition, assume that for 2017 and 2018 the company has revenues of $242,000 and operating expenses (excluding depreciation) of $157,300. MACRS Depreciation Rates by Class of Property Recovery 3-year 5-year7-year 10-year 15-year20-year (200% DB) (200% DB) (200% DB) (200% DB) (150% DB) (150% DB) 10.00 44.4532.00 24.29 1800 14.81 19.20 1749 14.40 11.5212.4911.52 9.22 7.37 6.55 6.55 6.56 6.55 33.33 20.00 14.29 5.00 3.750 7.219 8.55 6.677 7.706.177 6.93 5.713 623 5285 5.904888 5.90 4522 5.91 4462 5.90 4.461 950 7.41 11.52 8.93 8.92 8.93 4.46 5.76 10 5.91 12 13 14 15 16 17 18 19 5.90 4461 5.91 4462 5.90 4461 4.462 2.95 4461 4462 4.461 4462 4461 2231 5.91 21 Switchover to straight-line depreciation. 16 17 18 19 20 21 2.95 4.461 4462 4461 4.462 4.461 2.231 Switchover to straight-line depreciation. Compute income before income taxes for 2017 and 2018 2017 2018 Income before income taxes $ Compute taxable income for 2017 and 2018. (Round answers to O decimal places, eg. 45,892) Taxable income for 2017 $ Taxable income for 2018$ Determine the total depreciation to be taken over the useful life of the delivery truck for both book and tax purposes. Book purposes$ Tax purposes $ Attempts: 0 of 5 used Save for Later Check Answer Send to Gradebook