Calculate depreciation and fill out the form 4562 for 2022 year based on the following information:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
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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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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