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Sheffield Corporation purchased an asset at a cost of $58,750 on March 1, 2020. The asset has a useful life of 8 years and a

Sheffield Corporation purchased an asset at a cost of $58,750 on March 1, 2020. The asset has a useful life of 8 years and a salvage value of $4,700. For tax purposes, the MACRS class life is 5 years.

MACRS Depreciation Rates by Class of Property

Recovery Year

3-year (200% DB)

5-year (200% DB)

7-year (200% DB)

10-year (200% DB)

15-year (150% DB)

20-year (150% DB)

1

33.33 20.00 14.29 10.00 5.00 3.750

2

44.45 32.00 24.29 18.00 9.50 7.219

3

14.81* 19.20 17.49 14.40 8.55 6.677

4

7.41 11.52* 12.49 11.52 7.70 6.177

5

11.52 8.93* 9.22 6.93 5.713

6

5.76 8.92 7.37 6.23 5.285

7

8.93 6.55* 5.90* 4.888

8

4.46 6.55 5.90 4.522

9

6.56 5.91 4.462*

10

6.55 5.90 4.461

11

3.28 5.91 4.462

12

5.90 4.461

13

5.91 4.462

14

5.90 4.461

15

5.91 4.462

16

2.95 4.461

17

4.462

18

4.461

19

4.462

20

4.461

21

2.231

*Switchover to straight-line depreciation.

Compute tax depreciation for each year 20202025. (Round answers to 0 decimal places, e.g. 45,892.)

Tax depreciation for 2020

$enter a dollar amount rounded to 0 decimal places

Tax depreciation for 2021

$enter a dollar amount rounded to 0 decimal places

Tax depreciation for 2022

$enter a dollar amount rounded to 0 decimal places

Tax depreciation for 2023

$enter a dollar amount rounded to 0 decimal places

Tax depreciation for 2024

$enter a dollar amount rounded to 0 decimal places

Tax depreciation for 2025

$enter a dollar amount rounded to 0 decimal places

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