In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Required: Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax depreciation on this asset for 2020, 2021, and 2022. Use Table 7-1 and Table 7-2. Use the below table for annual depreciation deduction for year 2020 to 2022: 2020 $ 10,100 2021 16,100 2022 9,700 2023 and subsequent years 5,760
In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Required: Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax depreciation on this asset for 2020, 2021, and 2022. Use Table 7-1 and Table 7-2. Use the below table for annual depreciation deduction for year 2020 to 2022: 2020 $ 10,100 2021 16,100 2022 9,700 2023 and subsequent years 5,760
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 1MC: LO1 The purpose of depreciation is to (a) spread the cost of an asset over its useful life. (b) show...
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In March 2020, Jones Company purchased a Mercedes for use in its business at a cost of $73,000.
Required:
Assuming no bonus
2020 | $ 10,100 |
---|---|
2021 | 16,100 |
2022 | 9,700 |
2023 and subsequent years |
5,760
|
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