Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank you I hope these are beter Required information (The following information applies to the questions displayed Phil owns a ranch business and uses four-wheelers

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

thank you I hope these are beter

Required information (The following information applies to the questions displayed Phil owns a ranch business and uses four-wheelers to do mu for a ride together as a family activity. During year 1, Phil put 1. for $9,600. Of the miles driven, only 239 miles were for perso according to the five-year MACRS schedule and the four-whee Table 1. Table 2. Table 3, Table 4 and Table 5.) (Do not round in nearest whole dollar amount.) applies to the questions displayed below) and uses four-wheelers to do much of his work. Occasiona ily activity. During year 1, Phil put 1.119 miles on the four-whe ven, only 239 miles were for personal use. Assume four-whe MACRS schedule and the four-wheeler was the only asset Ph ble 4 and Table 5.) (Do not round intermediate calculations unt.) low.] of his work. Occasionally, though, he and his boys will go miles on the four-wheeler that he bought on January 15 l use. Assume four-wheelers qualify to be depreciated er was the only asset Phil purchased this year. (Use MACRS termediate calculations. Round your final answers to the $179 expense b. Calculate the allowable depreciation for year 2 if total mile and bonus depreciation). Depreciation deduction were 1,405 and personal-use miles were 530 (ignore the $179 expe

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing: Principles And Techniques

Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke

1st Edition

0894131672, 978-0894131677

More Books

Students also viewed these Accounting questions