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Problem 1 ( 6 Points ) ABC Co . has acquired various types of assets recently. Below is a list of assets acquired between 2
Problem Points ABC Co has acquired various types of assets recently. Below is a list of assets acquired between and ABC elected out of expense in all years. ABC elected out of bonus depreciation in and but took bonus depreciation in and Calculate ABC's depreciation expense for rounded to the nearest whole dollar.
First, determine the company's convention, life, and current year of depreciation for each asset eg convention halfyear HY midquarter MQ or midmonth MM life year, year, etc., and year is what year of depreciation is for the asset ie year, year, etc.:
tableAssetCost Basis,tableDate Placed inServicetableConventionand LifeYearWarehouse$May MachineryDecember ComputersJanuary Office Furniture June Office Building,April Office Furniture December
Second, complete the schedule below to compute the depreciation expense for each asset remember bonus depreciation rate is :
tableAssettableCostBasistableLess orBonustableRemainingBasistableMACRSRatetableMACRSDeprecExpWarehouse$MachineryComputersOffice Furniture Office Building,Office Furniture
Third, compute total depreciation expense, including any bonus depreciation:
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