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These answers are wrong. Please show work. A piece of construction equipment (asset class 15.0 ) was purchased by the Jones Construction Company in 2015.
These answers are wrong. Please show work.
A piece of construction equipment (asset class 15.0 ) was purchased by the Jones Construction Company in 2015. The cost basis was $310,000. The plan is to use the equipment and dispose it after about 8 years of service. a). Determine the MACRS-GDS and MACRS-ADS recovery periods for the equipment. b). Determine the annual GDS and ADS depreciation deductions for this property. c). If the company disposes the equipment and sells it sooner in 2017, instead of 2023, what would the the GDS and ADS depreciations for that year? d). Based on (c), what are the corresponding book values under the GDS and ADS depreciations? c). The GDS depreciation deduction for the year 2017 would be $ (Round to the nearest dollar.) The ADS depreciation deduction for the year 2017 would be $ (Round to the nearest dollar.) d). The book value at end of 2017 based on GDS depreciations is \$ The book value at end of 2017 based on ADS depreciations is $ (Round to the nearest dollar.) A piece of construction equipment (asset class 15.0 ) was purchased by the Jones Construction Company in 2015. The cost basis was $310,000. The plan is to use the equipment and dispose it after about 8 years of service. a). Determine the MACRS-GDS and MACRS-ADS recovery periods for the equipment. b). Determine the annual GDS and ADS depreciation deductions for this property. c). If the company disposes the equipment and sells it sooner in 2017, instead of 2023, what would the the GDS and ADS depreciations for that year? d). Based on (c), what are the corresponding book values under the GDS and ADS depreciations? c). The GDS depreciation deduction for the year 2017 would be $ (Round to the nearest dollar.) The ADS depreciation deduction for the year 2017 would be $ (Round to the nearest dollar.) d). The book value at end of 2017 based on GDS depreciations is \$ The book value at end of 2017 based on ADS depreciations is $ (Round to the nearest dollar.)Step by Step Solution
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