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Question - On August 3, Cinco Construction purchased special-purpose equipment at a cost of $1,976,400. The useful life of the equipment was estimated to be eight years, with an estimated residual value of $71,050.
Required -
a. Compute the depreciation expense to be recognized each calendar year for financial reporting purposes under the straight-line depreciation method (half-year convention).
b. Compute the depreciation expense to be recognized each calendar year for financial reporting purposes under the 200 percent declining-balance method (half-year convention) with a switch to straight-line when it will maximize depreciation expense.
c. Which of these two depreciation methods (straight-line or double-declining-balance) results in the highest net income for financial reporting purposes during the first two years of the equipment's use?
Complete Freddy's federal tax return for 2014. Use 1040, schedule B, Schedule C and form 8829 and any other appropriate schedules to complete this tax return
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