If a item is purchased in September how is the MACRS depreciation calculated for either a 5 year, 7 year, or 10 year life? I'm assuming after the first year I would calculate normally but I'm not sure about the first year.

The MACRS basis of 5 year property acquired on December 3 2011 is 10000. The property sold on September 4 2012. If the mid quarter convention applies to personal property acquired in 2011 and regualr accelerated MACRS is used, the correct calculation of depreciation expense for 2012 is?

Provide step by step manual solution, given, and depreciation table for below mentioned problem.  Make sure yet that your answer is the same as the given answer before sending your solution.  An asset costing P50,000 has a life expectancy of 6 years and an estimated salvage value of P8,000. Calculate the depreciation charge at the end of the fourth period using fixed-percentage method. Answer. P5,263.87

4.It is know that the book value of an asset depreciated through declining balance depreciation is $3000 in year  3.Purchase price of the asset was $3800.What is the asset salvage value at the end  of its useful life,which is 10 years?

Find the depreciation for the third year using MACRS cost-recovery rates for the property placed in service at midyear. The property is a 3-year property and was purchased for $98,452. Click the icon to view a table of MACRS rates. X The depreciation is $. (Round to the nearest cent as needed.) MACRS Table Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 3-Year 33.33% 44.45 14.81 7.41 Depreciation rate for recovery perioa 5-Year 7-Year 10-Year 15-Year 20.00% 10.00% 5.00% 14.29% 32.00 19.20 11.52 11.52 5.76 24.49 17.49 12.49 8.93 8.92 8.93 4.46 18.00 14.40 11.52 9.22 7.37 6.55 6.55 6.56 6.55 3.28 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 20-Year 3.750% 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461

What is the effect of purchasing an asset one year but placing it in service the next year?

Use the information below to answer the questions that follow. The business's year-end is December 31. Cost of equipment = 120000 Useful life in years = 10 Residual value = 0 Date purchased = February 1, 2021 Date of disposal = October 31, 2023 Cash received on disposal = 85000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal?

Question-based on, "Asset purchased"... Simple   I am confused about it and got an incorrect answer.