Required information [The following information applies to the questions displayed below.) 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 1,042 miles on the four- wheeler that he bought on January 15 for $15,600. Of the miles driven, only 227 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. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 8. Calculate the allowable depreciation for year 1 (ignore the $179 expense and bonus depreciation). Depreciation deduction 12 Required information [The following information applies to the questions displayed below.) 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 1,042 miles on the four- wheeler that he bought on January 15 for $15,600. Of the miles driven, only 227 miles were for personal use. Assume four-wheelers quality to be depreciated according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS Table 1. Toble 2. Table 3, Toble 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Jooh Prie b. Calculate the allowable depreciation for year 2 if total miles were 1185 and personal use miles were 435 (gnore the 5179 expense and bonus depreciation) Depreciation deduction