Calculate the amount of depreciation for 2008 using

Reference no: EM13482337

Mike purchased a heavy-duty truck (five yearclass recovery property) for his delivery service on April 30,2008. The truck is not considered a passenger automobile forpurposes of the listed property and luxury automobile limitations.The truck has a depreciable basis of $39,080 and an estimateduseful life of 5 years. Its estimated salvage value is $1,080. Assume no election to expense is made and bonus depreciation is taken.

a. Calculate the amount of depreciation for 2008 using financial accounting (not the straight-line MACRS election) straight-line depreciation over the truck's estimated useful life.

b. Calculate the amount of depreciation for 2008 using the straight-line depreciation election under MACRS over the minimum number of years.

c. Calculate the amount of accelerated depreciation for 2008 that Mike could deduct using the Modified Accelerated Cost Recovery System.

Reference no: EM13482337

Questions Cloud

If the current rate of interest on comparable debt is : a bond has the following features coupon rate of interest 8 principal 1000 term to maturity 10 yearsa. what will the

Compute the following variances indicate whether each : livingstoncorporation recently implemented a standard cost system. the companys cost accountant has provided the

Wright corporation began its operations on september 1 of : wright corporation began its operations on september 1 of the current year. budgeted sales for the first three months

Candilicious company budgeted the following costs for : candilicious company budgeted the following costs for anticipated production for july 2009advertising expenses -

Calculate the amount of depreciation for 2008 using : mike purchased a heavy-duty truck five yearclass recovery property for his delivery service on april 302008. the truck

Calculate the amount of the child and dependent care credit : calculate the amount of the child and dependent care credit allowed for 2008 in each of the following cases assuming

Which of the following non cash fringe benefits does not : q1. all of the following are properly definedas wages subject to the withholding of federal incometaxes except .

Management can disregard their employees input if : what is one advantage of using the participatory budget approach? points 1management can disregard their employees

Jerrys retail expects total sales of 2000 units the firm : jerrys retail expects total sales of 2000 units. the firm estimates an ordering cost of 7.50 per order with an

User Account

All Pages