
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Calculate depreciation and fill out the form 4562 for 2022
year based on the following information:
Depreciable assets:
Recovery Prior
Description Placed in Service Cost Method Convention Period Depreciation
$32,963
MACRS/
01/01/2020 $85,000
HY
7
200DB
01/15/2021
$13,930
HY
7
$1,991
04/15/20XX $1,900
7
Tools
Equipment
Sprayer
MACRS/
200DB
MACRS/
200DB
HY
Prior AMT
Depreciation
$32,963
$1,492
The S corporation has elected not to take the Section 179 deduction for the full amount of the cost of the sprayer
or bonus depreciation.
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