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same question, two parts. please help with both 0 Required information The following information applies to the questions displayed below Phil owns a ranch business
same question, two parts. please help with both
0 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 916 miles on the four-wheeler that he bought on January 15 for $10,000. Of the miles driven, only 261 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.) a. Calculate the allowable depreciation for year 1 (ignore the 5179 expense and bonus depreciation). 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 916 miles on the four-wheeler that he bought on January 15 for $10,000. Of the miles driven, only 261 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.) b. Calculate the allowable depreclation for year 2 if total miles were 1,050 and personal use miles were 430 (ignore the S179 expense and bonus depreciation)Step by Step Solution
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