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Patterson Corporation uses the calendar year as its tax year. It acquires and places into service two depreciable assets during 2019: ' Asset #1: 7-year property; $955,000 cost; placed into service on January 20. ' Asset #2: 5-year property; $420,000 cost; placed into service on August 1. 5 (Click the icon to view the MACRS half-year convention rates.) Read the muirements. Sec. 119 expense s 955.000' $ 65.000' s 1.020.000' Bonus depreciation $ 0' $ 355.000' $ 355.000V V ' V MACRS depreciation $ 0 g g $ 955,000V $ 420,000' $ 1,375,000' Total depreciation Now determine Patterson's depreciation deduction for 2020 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar. Complete all input elds. Enter a "0" no depreciation is taken.) Asset #1 Asset #2 Total 2020 Sec. 179 expense Bonus depreciation MACRS depreciation Total depreciation Enter any number in the edit fields and then click Check Answer. Patterson Corporation uses the calendar year as its tax year. It acquires and places into service two depreciable assets during 2019: Asset #1: 7-year property; $955,000 cost; placed into service on January 20. Asset #2: 5-year property; $420,000 cost; placed into service on August 1. (Click the icon to view the MACRS half-year convention rates.) Read the requirements. a. vvnat are Patterson's depreciation deauctions for 2019 and ZUZU IT InIs Is the only property it places into service in those years and Patterson does not elect Sec. 179 expensing and elects out Of bonus depreciation for the machine? Calculate Patterson's depreciation deductions for 2019. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2019 Depreciation Asset #1 EA 136,470 Asset #2 84,000 Total depreciation $ 220,470 Calculate Patterson's depreciation deductions for 2020. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2020 Depreciation Asset #1 $ 233,880 Asset #2 134,400 268 280 Enter any number in the edit fields and then click Check Answer. ?Total depreciation 368,280 b. What are Patterson's depreciation deductions for 2019 and 2020 if this is the only property it places into service in those years and Patterson elects Sec. 179 expensing for the assets and does not elect out of bonus depreciation? (Assume that Patterson takes the Sec. 179 deduction on Asset #1 first. Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" no depreciation is taken.) Begin by determining Patterson's depreciation deduction for 2019 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. Asset #1 Asset #2 Total 2019 Sec. 179 expense EA 955,000 $ 65,000 $ 1,020,000 Bonus depreciation EA EA EA 355,000 $ 355,000 MACRS depreciation $ Total depreciation tA 955,000 $ 420,000 $ 1,375,000 Now determine Patterson's depreciation deduction for 2020 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS denreciation to the nearest dollar Complete all innut fields Enter a "0" no denreciation is taken ) Enter any number in the edit fields and then click Check Answer.Sec. 119 expense s 955.000' $ 65.000' s 1.020.000' Bonus depreciation 5 0' 5 355,000V $ 355,000V ' ' V MACRS depreciation M M g $ 955,000' $ 420,000' $ 1375,000' Total depreciation Now determine Patterson's depreciation deduction for 2020 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar. Complete all input elds. Enter a "0" no depreciation is taken.) Asset #1 Asset #2 Total 2020 Sec. 179 expense Bonus depreciation MAC RS depreciation Total depreciation Enter any number in the edit elds and then click Check Answer. Reference General Depreciation System-MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Half-Year Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33 20.00 14.29 10.00 5.00 3.750 Year 2 44.45 32.00 24.49 18.00 9.50 7.219 Year 3 14.81 19.20 17.49 14.40 8.55 6.677 Year 4 7.41 11.52 12.49 11.52 7.70 6.177 Year 5 11.52 8.93 9.22 6.93 5.713 Year 6 5.76 8.92 7.37 6.23 5.285 Year 7 8.93 6.55 5.90 4.888 Year 8 4.46 6.55 5.90 4.522 Year 9 6.56 5.91 4.462 Year 10 6.55 5.90 4.461 Year 11 3.28 5.91 4.462 Year 12 5.90 4.461 Print Done
