Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
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.
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
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fc3101eca4_615668fc30fb84a8.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fc310a88d1_616668fc31048ece.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started